Australian climate tech startup Yume raises $2 million in seed funding

Food redistribution platform, Yume has secured $2 million in seed funding, led by Asia-Pacific-based venture capital firm, Investible, bringing the startup's total funding to $7 million.

Katy Barfield, founder and Yume CEO

The Melbourne-based platform aims to prevent food waste by linking a manufacturer's surplus food and connecting it to businesses and charities that can use it.

This round bought Yume’s total funding to $7 million, with new and previous investors participating including Launch Vic, Goodrich Group, Veolia as well as angel investor Pitzy Folk.

It’s expected the new funds will enable Yume to boost its technology capabilities as it gears up for international expansion.

Yume has also set a target of doubling its headcount by the end of the year with 75 percent of this growth to be focused on technology and product teams.

The platform digitises and automates the manual sales and donation processes plus enables manufacturers to automate workflows alongside providing data intended to be used to assist with food waste reduction.

Partners of the company include Unilever, Kellanova (Kellogg’s) and Mars Food and Nutrition and has so far redistributed around 8 million kilograms of surplus food from manufacturers to other businesses and charities.

Katy Barfield, founder and Yume CEO said, “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,” she said.

“This latest round of funding will support us as we invest in our technology and team to further push for a world without waste,” Barfield added.

Charlie Ill, chief investment officer at Investible said, “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.”

“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,” Charlie Ill concluded.