ETF Partners invests in PHENIX
PHENIX, the French pioneer that has revolutionised the management of food waste, raises €15m to expand internationally. The financing was led by the Environmental Technologies Fund and BPI France’s Smart Cities Fund.
Paris, 5 November 2018. PHENIX, the French pioneer and leader in the field of smart waste management, has closed a €15m financing round led by the Environmental Technologies Fund (ETF Partners) and BPI France via its Smart Cities Fund. ETF Partners and BPI France were joined by Sofiouest and Arkéa. PHENIX has revolutionised food donation in France, addressing the devastating social and environmental impact of food wastage. The capital raised will be used to accelerate international growth, invest in the development of new digital services and expand into the management of other waste streams.
The UN estimates at least one-third of food produced worldwide is never eaten. A large proportion of this is food left unsold by retailers, as consumers often reject perfectly edible products based on appearance or proximity to a sell by date. PHENIX offers retailers an attractive alternative to disposing of this food through traditional waste managers. Instead of paying to have unsold products and waste incinerated or placed in landfill, PHENIX’s portfolio of digital services allows retailers to optimise sales of end of life products, connects retailers with charities to enable food donation, and develops new recycling streams to give unsold products a second life. On top of the cost saving of not sending the waste to treatment, retailers can qualify for monetary incentives such as tax credits when donating to non-profit entities. With its digital platform and strong network of partnerships, PHENIX helps retailers, shopping malls and factories move towards “Zero Waste”.
PHENIX has grown rapidly throughout France because it provides both a proposition of immediate economic value for food retailers and a source of quality donations for charities. Today PHENIX has more than 950 referenced associations and 1,000 customers, including the top 5 food retailers in France. It also has a growing footprint in Spain and Portugal. PHENIX has more than doubled in size every year since 2014, and already represents more than 5% of French food donation. This is the equivalent of 100,000 daily meals distributed and 50 tons daily of avoided waste.
“We believe that the traditional linear waste management model is ripe for disruption and are seeing a mega-trend towards the circular economy and zero-waste. The PHENIX team understands this and has already built a digital platform that is in high demand” said Fabrice Bienfait, Partner at ETF Partners, commenting on the investment. “There is a huge opportunity here to build a big business, whilst tackling one of the world’s biggest social and environmental problems.”
“This investment illustrates the potential of PHENIX as part of the waste management ecosystem” explains Jean Moreau, CEO of PHENIX, “The funding enables us to accelerate our expansion plans in France and internationally, as well as extending our offering beyond food. It was important to us to bring in investors such as ETF Partners who could not only support us in our growth, but who also understand the core values of PHENIX and its massive social and environmental impact.”
“We have an incredible opportunity to build the new standard in waste management for the generations to come.” added Baptiste Corval, Co-Founder of PHENIX.