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Melbourne's Yume secures AU$2m from Investible-led funding round
Wed, 31st Jan 2024

Yume, a Melbourne-based food redistribution platform, has announced securing AU$2 million in its recent seed funding round, led by Asia-Pacific based venture capital (VC) firm, Investible.

This successful round brings Yume's total funding to AU$7 million, with contributing investors including Launch Vic, Goodrich Group, Veolia, and angel investor Pitzy Folk.

Yume provides a revolutionary way for food manufacturers to manage surplus food. Founded in 2016 by serial entrepreneur Katy Barfield OAM, Yume digitises traditionally manual processes involved in the sale and donation of excess inventory, thereby increasing efficiency and reducing food waste. Till date, Yume has redirected almost eight million kilograms of surplus food to businesses and charities - the equivalent volume of 42 Boeing 747s.

Barfield stated, "Australia has a food waste problem, in fact, it's a 7.6 million tonne problem. 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."

Prestigious partnering organisations, such as Unilever, Kellanova (Kelloggs), and Mars Food and Nutrition, are working with Yume to pioneer new standards for inventory clearance and donations. This demonstrates a shifting precedent within the industry towards more sustainable practices.

The new funding will enable Yume to capitalise on its leadership position in Australia, turbocharge its technology capabilities, and double its workforce by the end of 2024. The company plans for 75% of this expansion to concentrate on technology and product teams, indicating a firm focus on tech-driven advancements and innovations.

Through its impressive success, Yume has returned over $22 million to leading companies who use the platform to commercialise surplus food. In addition, more than a million meals have been donated to charities. These impressive achievements have undoubtedly contributed to attracting the support of investors.

Charlie Ill, Chief Investment Officer at Investible, remarked, "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."

This round marks a first for Investible, wherein three of the VC firm's divisions - Investible's Early Stage Fund 2, Club Investible syndicate, and Investible Climate Tech Fund - have collaboratively invested in the company. Yume is the latest addition to the portfolio of Investible's Climate Tech Fund, reinforcing the company's commitment to supporting high-growth technological enterprises with a positive climate impact.