The investment is part of a wider USD 12 million round with other investors. Electrolux and Karma are also initiating a strategic partnership to explore common solutions in reducing food waste.
The new partnership with Karma will explore new innovative solutions within the future of food and help to scale up the fight against food waste. The partnership will combine Electrolux expertise within appliances and food preservation with Karma’s digital platform and expertise within sharing economy.
”We are committed to drive a positive change and we know that the best way to do this is by working together with others who share our ambition. Electrolux is continuously exploring solutions that drives a better and more sustainable living and we’re excited to support Karma”, said Jonas Samuelson, President and CEO of Electrolux.
Reducing food waste is an important target in Electrolux sustainability framework with the goal to inspire better food consumption among consumers and professionals.
“As a world leader in appliances, Electrolux is working closely with Karma to help alleviate the global problem of food waste. We’re impressed with Karma’s innovative digital business model particularly as everyone wins: both the food seller and buyer but importantly also the environment”, said Marty Carroll, Vice President Digital Marketing at Electrolux.
The USD 12 million round announced today was led by the Swedish investment firm Kinnevik. It also includes Bessemer, a U.S. venture capital firm, as well as other existing investors in Karma including the global venture capital firm e.ventures.