The development complies with EU regulations. Credit: Saveggy/SmiLe.

Saveggy, a food technology company, has successfully raised €1.76m ($1.87m) to fund the launch of its innovative plant-based packaging alternative at an industrial scale.  

The investment round was led by impact investor Unconventional Ventures, with contributions from LRF Ventures, Almi Invest GreenTech, and industry angels.  

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Saveggy’s mission is to combat the global waste of fruits and vegetables, which stands at 45% and is a significant contributor to climate change. 

The company has been developing an edible coating that increases the shelf life of fresh fruits and vegetables. 

Saveggy co-founder and CEO Arash Fayyazi said: “We are very pleased to have gathered a team of impact investors who share our mission to help the world waste less. We believe that freshness, the health of our planet, and the well-being of people should always remain uncompromised. With this financing round we will launch at industrial scale our first product.” 

Founded in 2020 by Fayyazi and CIO Vahid Sohrabpour, Saveggy has developed a unique technology that replaces plastic packaging. 

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The product also complies with EU regulations for fruits and vegetables. 

The first market-ready product is designed specifically for cucumbers, providing them with a thin layer of edible coating made from its additive-free formula of canola and oats. 

LRF Ventures investment director Martin Alexandersson said: “We are excited and proud to support the team at Saveggy and their innovation in reducing food waste, advancing sustainable agriculture, and proactively complying with upcoming plastic waste regulations.”