Hazel Technologies, a Chicago-based ag-tech business backed by the US Department of Agriculture to combat food waste, has raised $13 million in Series B funding.
The financing round was led by Pangaea Ventures and S2G Ventures – a Chicago firm investing across the food supply chain.
To date, its total funding pot is $17.8 million
Founded in 2015, Hazel’s core technologies revolve around the release of active, shelf-life enhancing vapor from packaging inserts called sachets.
The sachets are placed in boxes of bulk produce by growers at the time of harvest, extending the shelf-life of produce up to three times by slowing aging in produce and preventing fungus or decay.
This new funding will be used to continue the company’s growth of its main product line as well as to launch new technologies.
Hazel added that it will also look to add new talent to its company.
“This new financing brings in resources, both financial and strategic, that will grow Hazel from its current early commercial stage to become a profitable, world-leading provider of shelf life extension products,” said CEO Aidan Mouat.
“We’ve delivered a solution that works both economically and environmentally, increasing efficiencies across the entire supply chain, and now we are able to roll these out to address food spoilage in multi-billion dollar markets internationally.”
Keith Gillard, General Partner, Pangaea Ventures, said of Hazel: “Their drop-in solution for a broad set of supply chain applications will allow Hazel to be a true change maker in food waste reduction across the supply chain.”