2024-04-15 12:36Press release

Saveggy raises €1.76M to replace the plastic on your cucumber with its plant-based formula

To the right: Saveggy coated cucumbersTo the right: Saveggy coated cucumbers

Impact investor Unconventional Ventures, together with LRF Ventures, Almi Invest GreenTech and industry angels, invests in Lund-based foodtech startup Saveggy. They have developed an edible coating that extends the shelf life of fresh fruits and vegetables. Throughout the supply chain, they tackle the 45% of fruit and vegetables currently being wasted globally, among the main causes of climate change.  

Saveggy was founded in 2020. CEO Arash Fayyazi and CINO (Chief Innovation Officer) Vahid Sohrabpour are co-founders both with extensive experience from the packaging industry along with backgrounds in applied physics, logistics and processing respectively.

Its platform technology Saveggy® is the only available replacement of plastic packaging that meets its performance to prolong shelf-life. Similarly, it is currently the only available edible alternative which complies with EU regulations, for fruits and vegetables with edible peels such as cucumber.

"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," says co-founder and CEO Arash Fayyazi.

Its B2B model targets packing hubs, thus tapping into a €400Bn TAM (Total Addressable Market) market and seeing an immediate SOM (Service Obtainable Market) of €1,33Bn in Europe.

"Our investment in Saveggy was driven by the impressive credentials and substantial expertise of its founders. Their innovative technology tackles the significant challenges our food systems face. We were particularly impressed by the founders' perseverance, having refined their formula multiple times to meet the highest standards. This unwavering commitment to innovation and sustainability aligns perfectly with our mission as impact investors and made our decision to partner with them clear," explains Thea Messel, General Partner at Unconventional Ventures.

Their first product on the market is tailored to cucumbers. The way it works is that the cucumber is harvested, washed and dried, then coated with a thin, invisible layer of Saveggy’s additive-free formula of canola and oats before being delivered to shops.

"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. Leveraging the resources of The Federation of Swedish Farmers - LRF, with a robust membership of 130,000 farmers and extensive network within the food system, we are dedicated to supporting Saveggy, driving significant impact," says Martin Alexandersson, Investment Director at LRF Ventures.

"When we invested in Saveggy two years ago, we could see the huge sustainability and business potential, based on the scalable innovation tapping into the existing value chain. After spending 24 months finalising the platform technology, fine-tuning the first product for cucumbers, and building relationships with stakeholders in the value chain, this strong founder team is now ready to commercialise. I’m therefore very happy to welcome these relevant and committed co-owners to support Saveggy in this next important phase," says Karin Edström, Investment Manager at Almi Invest GreenTech.

"Arash and I first connected in 2009 at Tetra Pak, and our paths converged again in 2020 founding Saveggy amidst the challenges of COVID-19. With the invaluable early backing of Lund University and the cutting-edge resources at SmiLe Incubator labs, we relentlessly refined our product to achieve the highest quality. Despite limited access to university labs during the pandemic, we persevered by renting equipment and conducting the tests in a basement. The financial and professional support from Lidl - one of the world's top 5 retail groups - was instrumental in developing a superior product, while our collaboration with ICA - the largest Swedish retailer - helped validate our innovation. Today, with our production facility secured, we stand ready to make a significant impact in waste reduction on a large scale. Thanks to this investment, we're thrilled to introduce our groundbreaking technology to the world," says CINO (Chief Innovation Officer) Vahid Sohrabpour.


For more information, please contact:

Arash Fayyazi, Co-founder and CEO at Saveggy arash@saveggy.com

Thea Messel, General Partner at Unconventional Ventures thea@unconventional.vc


About Saveggy

Saveggy® helps the world waste less by revolutionising the way food is protected. Our belief is rooted in the harmonious synergy between nature and technology. We create solutions that extend the freshness of vegetables and fruits. This isn't just about prolonging shelf life. It's about acknowledging the value of food and the resources that go into producing it.

Language: English

About SmiLe Venture Hub – Pioneering Life Science Innovations

SmiLe is a venture hub located in Lund, Sweden, specializing in accelerating the growth of innovative life science ventures. We offer tailored programs and educational courses, expert coaching, state-of-the-art labs, as well as access to international industry networks and funding opportunities. Since the start, our incubator program has supported more than 110 entrepreneurs and together they have attracted more than EUR 841 million in venture capital. To date, 21 of SmiLe´s companies have launched an IPO. SmiLe has been recognized as one of Europe’s Leading Startup-hubs 2024 by Financial Times and Statista. www.smileincubator.life