Hazel's core technologies revolve around the release of active and shelf-life enhancing vapour from packaging inserts called sachets
USDA-supported Hazel Technologies has secured $13m (£10.8m) in Series B funding, which will be used to continue the growth of its main product line and launch new technologies.
The latest funding round, which was headed by Pangaea Ventures and S2G Ventures, extended the company’s cumulative capital to $17.8m (£14.7m)
The oversubscribed Series B round has also included new investors such as The Grantham Foundation and Asahi Kasei Ventures, as well as returning investors such as Rhapsody Venture Partners, Serra Ventures, Valley Oak Investments, Climate Impact Capital, ImpactAssets, and others.
Pangaea Ventures general manager Keith Gillard said: “Hazel has a deep understanding of their customers that we rarely see in a start-up company. 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.”
Hazel’s new technologies for fresh produce
Established in 2015, Hazel’s core technologies focus on the release of active and shelf-life enhancing vapour from packaging inserts known as sachets.
The sachets will be placed in boxes of bulk produce by growers at the time of harvest to extend the shelf-life up to three times by slowing ageing in produce and preventing fungus or decay.
Reducing spoilage during shipment will enable customers to increase profits for existing shipments, in addition to accessing completely new geographic markets.
Hazel has already signed deals and endorsements with major companies such as Mission Avocado, the world’s largest packer, shipper, and exporter of fresh avocados, and Frieda’, one of the world’s largest purveyors of speciality produce.
Hazel Technologies CEO Aidan Mouat said: “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.”
From 2017, Hazel Technologies has completed more than 100 pilot trials for products ranging from melons to okra, apricots, avocados, cherries.
The firm’s patent-pending technologies were studied and tested by multiple academic research programmes such as UC Davis and Cornell University.
Hazel Technologies is a USDA-funded startup company, which is involved in the development of new technologies to extend the quality shelf life of fresh produce.