Food waste is expected to increase in the next ten years to 2.1 billion tons, worth $1.5 trillion (Boston Consulting Group). Misfits Markets, which sells subscription boxes with imperfect produce – considered too ugly to be sold at grocery stores, is hoping to change that. The company recently has closed an $85 million Series B financing round.
There are many structural inefficiencies in the food supply chain. Misfits Markets is able to get around them by sending its products directly to consumers.
“Despite these technological advancements that are happening, the amount of product that goes to waste in absolute and relative terms is increasing every year,” said Ra Misfits Market founder and CEO Abhi Ramesh. “When you look at food waste over the past five years and compare that to the amount of food that went to waste in the prior five years, it’s increased. It’s one of those super long-term risks, but at least what we’re seeing, and what the data is showing directionally around food waste, is that it’s growing in magnitude, which means there will always be opportunities for us, or a version of us, to go in there and eliminate waste and provide affordability for customers.”
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