Yume fed $2 million in seed funding to fight food waste in Australia

Food redistribution startup Yume has secured $2 million in seed funding led by Investible. This brings the platform’s total funding to date to $7 million, at an undisclosed valuation.

Founded in 2016 by Katy Barfield OAM, Yume aims to reduce food waste in Australia by connecting surplus food from manufacturers to businesses and charities.

Yume’s platform automates the traditionally more manual processes involved in food sales and donations. According to Yume, this approach not only streamlines workflows for manufacturers but also provides critical data to enhance revenue and minimise waste for businesses.

Since launching, Yume has collaborated with partners such as Unilever, Kellanova (Kellogg’s), and Mars Food and Nutrition.

To date, the platform has redistributed nearly eight million kilograms of surplus food – enough to fill 42 Boeing 747s. According to Yume, this equates to the environmental benefit of removing 6,507 cars from the roads for a year. Additionally, Yume has generated over $22 million for companies using its platform and donated more than one million meals to charities.

“Australia has a food waste problem, in fact, it’s a 7.6 million tonne problem. The amount of land used to grow wasted food in Australia covers more than 25 million hectares, a landmass larger than the state of Victoria,” Katy Barfield, founder and CEO of Yume, said.

“Yume was founded to eradicate this problem and our platform has grown rapidly as large food manufacturers have been able to utilise our technology to connect surplus food to Australian businesses and charities, reducing waste and increasing their revenue. This latest round of funding will support us as we invest in our technology and team to further push for a world without waste.”

Yume’s plans with this funding round are focused on advancing its technology capabilities and growing its headcount. Areas in which it plans to hire are product and technology teams.

Yume confirmed with SmartCompany that it plans to expand into international markets but is currently focused on cementing its position in Australia.

Yume is now part of Investible’s Climate Tech fund, which focuses on early-stage companies with a positive climate impact. Part of the seed round also came from Investible’s Early Stage Fund 2 and Club Investible. This is said to be the first time the VC has collectively invested in a startup from all three funding arms.

“Combine the ambitious and proven team with a massive market opportunity which has been validated by blue chip customers, we have the workings of a strong and impactful business” Charlie Ill, chief investment officer at Investible, said.

“On this basis, Investible has made a very high conviction investment, with members of our Club Investible group investing alongside our two Funds. Yume is backed by our network of over 180 experienced investors and business leaders, supporting the great work being done by Katy and her team.”