Swedish startup Karma has raised $12 million in Series A funding for its app-based marketplace that allows local restaurants and grocery stores to sell unsold food at a discount, reports TechCrunch. Swedish investment firm Kinnevik led the round, with participation from U.S.-based Bessemer Venture Partners, Electrolux, and previous investors. To date, Karma has raised a total of $18 million.
To use Karma, customers download the iOS or Android app and register their location. They can then browse various food merchants and food items/dishes for sale. Customers pay through the Karma app and then pick up their food. Customers can also use the app to receive alerts from their favorite food stores and restaurants.
Founded in 2015 and launched in 2016, Karma has expanded to more than 1,500 restaurants, grocery stores, hotels, cafes, and bakeries in Sweden, with 350,000 Karma users, which include young professionals, students and the elderly. Three of Sweden's largest supermarkets are marketplace partners, as well as premium restaurants and major brands. The company expanded to the U.K., and is already working with over 400 restaurants in London. Karma plans to use the funding to continue to develop its product range, especially within supermarkets, and to expand to new markets, according to the report. Full Story
Related: Small Food Markets Lead in Innovation; Passion Fuels Disruptors' Success.
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