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.” 

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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.”