It’s Fresh! secures $10m investment from AgroFresh Solutions
British food tech company It’s Fresh! has secured a $10 million (£7.63m) investment and has entered into a commercial agreement with AgroFresh Solutions.
It is hoped that this investment will enable the business to accelerate global expansion and the development of planned new products.
AgroFresh, a NASDAQ listed company, is a specialist in produce freshness solutions. Its products enable growers, packers and retailers of fresh produce to preserve and enhance the freshness, quality and value of fresh produce and reduce market waste.
It’s Fresh! is behind a technology that extends the life, quality, freshness and flavour of produce. Its green and white filters, which absorb the ripening hormone ethylene, have had a huge impact on food waste and are now being used by supermarkets across the UK, the US and Europe.
Peter Shalson, It’s Fresh! CEO, says, “We’re delighted with this investment from such a respected industry leader. Given their considerable experience in post-harvest produce management, it’s a perfect fit for our business.
“This alignment with AgroFresh will allow access to its 3,000 customers as well as its highly-respected R&D centres worldwide, assisting quicker development of new products and enabling our technology to reduce food waste in many more countries around the world.
“Both companies share a common culture and an unwavering commitment to developing new solutions to the growing problem of food waste, especially at retail.
“Under this agreement, we will work cooperatively to grow our existing retail and grower products and to develop new solutions for markets and crops not presently served.
“As a business, we’re dedicated to making fresh produce more available and affordable and reducing global food waste in an ethical and sustainable way. An investment like this can really help us get closer to achieving this.”
AgroFresh CEO Jordi Ferre, adds, “AgroFresh is always looking for ways to reach new markets, and we are delighted to join forces with It’s Fresh! We’re excited to tap into the innovative thinking and expertise in food freshness technology that It’s Fresh! offers and I expect big things of this new collaboration.”
The companies’ respective R&D teams will work together to further their mutual goal of improving food quality.