Innovestor invests in – Joins the fight against food waste

fiksuruoka team, the Espoo-based online store selling surplus groceries at discounted prices to combat food waste, has raised 2 million euro to accelerate growth and expand operations. Innovestor was the sole VC to participate in the funding round, along with Thomasset and prominent business angels such as Mikael Hed, Timo Soininen and Ali Omar. has in just 3 years grown from a 0 to over 6 million euro turnover generating company, showing no signs of slowing down. Through their online store, the company sells around 14,000 monthly packages originating from 180 different suppliers.

“With this new funding we will put the pedal to the metal. The majority of the money will be used for our brand awareness and new customer acquisition efforts. We already now have over 50,000 customers and our goal is to multiply that during this year”, says CEO Juhani Järvensivu.

The company buys food destined for disposal from suppliers and sells them directly to consumers throughout Finland, but also has their sights set on international markets. The companies aim is to reduce Finland’s this year’s generated food waste by over 2 million kilos.

“This is a highly data-driven team, with a track record of getting things done. They are on an admirable mission as well, and we are happy back their efforts”, says Innovestor’s Chief Investment Officer Wilhelm Lindholm.

Finlands leading grocery retailer Kesko recently noted that the Finnish online grocery market has the highest growth rate in Western Europe.

“We have observed the same trends in our portfolio companies in the sector, which in addition to includes Ruokaboksi and Slurp. In fact, we see growth rates far exceeding those quoted by Kesko. It seems online grocery sales in Finland has hit the inflection point”, continues Lindholm. in the media:

Fiksuruoka joins our portfolio, which is one of the largest private venture backed portfolios in the Nordics, through our investment from our Innovestor II IP fund.

Innovestor is an early-stage venture capital investor also offering direct co-investment syndication opportunities and building growth programs.