Hazel Technologies, Inc. announced a strategic Asia-Pacific (APAC) expansion along with new funding from EDBI, a Singapore-based global investor in select high growth technology sectors and other strategic industries.
“It is estimated food waste is responsible for at least eight percent of the world’s greenhouse gas emissions, which is an absolutely startling number,” said Aidan Mouat, CEO at Hazel Technologies. “APAC is home to the largest population and largest food system of any region in the world. By integrating our waste-reducing technologies into more global supply chains, we will continue to dramatically reduce those harmful impacts and this APAC expansion is a critical step in that direction.”
With some product lines already fully commercial in APAC countries such as New Zealand, Hazel Technologies’ new planned presence in Singapore gives the fast-growing company a foothold in one of the region’s most strategic supply locations. To further jump-start Asia operations, Hazel Technologies recently began hiring APAC-based employees full-time to lay the foundation for successful R&D, manufacturing, marketing, sales and distribution in the region.
This announcement follows the close of a Series C investment round in 2021. The $70M Series C round was co-led by Pontifax Global Food and Agriculture Technology Fund (Pontifax AgTech), and Temasek, a global investment company headquartered in Singapore. Joint support from both Temasek and EDBI will be key to APAC regional expansion.
“The fragmented, cross-border nature of fresh produce supply chains across Southeast Asia is a key contributor to food waste from spoilage and Hazel Technologies’ drop-in solutions for shelf-life extension are a game-changer,” said Chu Swee Yeok, CEO and president of EDBI. “EDBI’s partnership with the company will drive expansion of its suite of solutions to new high-growth markets in Asia while developing capabilities in Singapore and contributing to our 30-by-30 food security and zero waste goals.”
Founded in 2015, Hazel’s 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 slowing fungus or decay. By the end of 2022, Hazel estimates its products will be used with more than 5.7 billion pounds of fresh produce in the global supply chain, preventing more than 460 million pounds from going to waste.
Currently, Hazel works with more than 250 customers across 12 countries. Some of Hazel’s customers include Mission Avocado, Zespri and Oppy.