Hazel Technologies, Inc, has announced $13 million in Series B funding, bringing the company’s cumulative total raised to $17.8 million.
“Pangaea is thrilled to lead this financing in Hazel,” commented Keith Gillard, General Partner, Pangaea Ventures, one of the venture capital firms. “Hazel has a deep understanding of their customers that we rarely see in a start-up company. Their drop-in solution for a broad set of supply chain applications will allow Hazel to be a true change maker in food waste reduction across the supply chain.”
Founded in 2015, Hazel said its core technologies revolve around the release of active, shelf-life enhancing vapor from packaging inserts called sachets. The sachets are placed in boxes of bulk produce by growers at the time of harvest, extending the shelf-life of produce up to three times by slowing aging in produce and preventing fungus or decay.
“This new financing brings in resources, both financial and strategic, that will grow Hazel from its current early commercial stage to become a profitable, world-leading provider of shelf life extension products,” said Aidan Mouat, CEO at Hazel Technologies. “We’ve delivered a solution that works both economically and environmentally, increasing efficiencies across the entire supply chain, and now we are able to roll these out to address food spoilage in multi-billion dollar markets internationally.”
Since 2017, Hazel Technologies said it has completed over 100 pilot trials for products ranging from melons, to okra, apricots, avocados, cherries, and more.
Hazel Technologies intends to use its funding to continue the growth of its main product line and launch new technologies. The company will also seek to add new talent.