"Afreshed, founded in 2021, has quickly established itself in Austria, achieving €4.7 million in revenue by 2023 and targeting eight figures for 2024. The company focuses on selling organic produce that does not meet conventional retail standards, effectively addressing food waste."
"Etepetete, founded in 2015, has successfully delivered over 250,000 boxes and rescued more than 1.5 million kilograms of produce. The company raised €1.79 million through crowdfunding in 2023, but faced challenges in securing further institutional funding."
"The acquisition of Etepetete by Afreshed is driven by the strategic need to enter the German market, which is significantly larger than Austria. Afreshed's technology-first approach and delivery network complement Etepetete's established customer base across all 16 German states."
German consumers waste 4.4 million tonnes of food annually, valued at €6 billion. Afreshed, an Austrian startup, acquired Etepetete to consolidate the ugly produce subscription market. Founded in 2021, Afreshed sells organic produce that fails cosmetic standards and achieved €4.7 million in revenue by 2023. Etepetete, operational since 2015, had delivered over 250,000 boxes and rescued 1.5 million kilograms of produce. The acquisition allows Afreshed to leverage Etepetete's established German customer base while expanding its technology-driven operations into a larger market.
Read at TNW | Agritech
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