Karma is an app-based marketplace that lets local restaurants and grocery stores sell unsold food at a discount directly to consumers via iOS and Android apps. Users register their location, browse participating merchants' discounted listings, pay through the Karma app and pick up items before closing time. The platform aims to reduce food waste while boosting sellers' revenue and offering consumers discounted meals. Since launching, Karma works with over 1,500 restaurants, grocery stores, hotels, cafes and bakeries and has 350,000 users; it counts three of Sweden's largest supermarkets and several major brands as partners. The company expanded to the U.K. in February and is already working with over 400 restaurants in London. Karma recently raised $12M in a Series A (bringing total funding to $18M) and plans to use the funds to develop its product range—especially within supermarkets—and expand into new European markets while growing headcount. Karma is a Swedish social enterprise that reduces food waste in the cafe and restaurant industry. Its platform lets users find cheap eats nearby using GPS and enables restaurants to offer food that is close to expiring at deep discounts. The company has been described as having a globally scalable model for tackling one of the world’s biggest environmental problems. Founded in 2015 by Mattis Larsson, Elsa Bernadotte, and Ludvig Berling, Karma connects consumers with discounted surplus food from cafes and restaurants. The company plans to use new funding to expand its operations in Europe; the article reports a new investment of between €3–4 million from e.ventures and eEquity.

Total raised

$15M

Funding rounds

2

Latest round

Series A

Latest activity

Aug 2018