Germany-based LEEF, known for its eco-friendly tableware and takeaway packaging, has acquired fellow German sustainable packaging e-commerce startup Wisefood.
The financial details of the transaction have not been disclosed.
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Wisefood, headquartered in Garching near Munich, has been a notable player in the market.
LEEF Holding managing director Claudio Fritz-Vietta said: “We are happy to welcome Wisefood to the LEEF Group. There is a strong demand for sustainable to-go packaging among restaurants and consumers.
“This acquisition will allow us to quickly open new sales channels in retail and e-commerce with LEEF while also developing a second strong brand.”
The startup specialises in edible drinking straws and cups alongside a range of sustainable disposable tableware products.
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By GlobalDataSince its inception two years ago, Wisefood has achieved six-figure profits and a seven-figure annual turnover. Its valuation surpassed €5m ($5.2m) following a successful financing round in 2021.
Wisefood’s success can reportedly be attributed to its e-commerce platform and its role as a digital wholesaler.
The company serves a diverse clientele, including the hotel, restaurant, and café sector, as well as catering and retail giants.
Looking ahead, Wisefood has ambitious plans for expansion across Europe.
The company is also focusing on the development of new product lines to further its reach in the sustainable packaging market.
Wisefood founder and managing director Philipp Silbernagel said: “We have been collaborating successfully with LEEF for several years in the field of palm leaf products.
“This cooperation has always been enjoyable, and we are confident that we have found the perfect buyer in LEEF.”
LEEF uses carbon-free and compostable palm leaves to develop innovative solutions for packaging.
The company claims that its products are ethically produced, fairly traded, and fully circular.
