Hazel Technologies, a startup fighting food waste, has closed an $13 million Series B funding for its packaging technology that helps extend foods’ shelf life. The round was led by Pangea Ventures, which focuses on advanced materials venture capital, alongside existing ag-focused investor S2G Ventures. The round brings Hazel’s total capital raised to $17.8 million.
Founded in 2015, Hazel has developed a packaging insert that releases vapors to triple the shelf-life of produce by slowing the aging process and preventing fungus or decay, according to the company. The sachets can be placed in bulk boxes of produce at the packing house to help ensure that they arrive at the supermarket in prime condition.
The active compounds Hazel uses, like an ethylene inhibitor, are standard compounds that have been on the market for a few decades. The company has conducted over 100 pilot trials on a range of produce including melons, okra, apricots, avocados, and cherries. The trials included Dresick Farms International, the 10th largest grower by acreage in California, and Agritrade Farms International, one of the largest specialty vegetable growers in Latin America.
The new funding will primarily be used to support the company’s back-end expansion. The company is also eyeing a few new products, like antimicrobial packaging for berries, grapes, and other fruit that is susceptible to fungal problems. It’s also working on applications for meat products that it plans to launch over the next 12 months.