Snact, whose products are made with surplus fruit that is rejected by retailers, has received financial backing through investment bank ClearlySo.
The funding will be used to grow the budding snack business, which was launched in 2013. Michael Minch-Dixon, Snact’s co-founder, said: “This is obviously a great moment for us and shows how far we’ve come since we were making snacks ourselves in a rented kitchen in Hackney.
“Having this will allow us to reach a bigger scale meaning we’ll tackle more food waste and make more healthy snacks for snactivists out there!”
Snact, which began with Minch-Dixon and his colleague Ilana Taub collecting surplus produce from London’s wholesale markets and turning it into snacks, estimates it will save 50 tonnes of food in 2016 alone.This is expected to increase to 4,320 tonnes by 2020, equivalent to more than 480 London double decker buses.
By providing a healthy solution to food waste, Snact is positioning itself as a responsible snacking option and hoping to appeal to ethical and health-conscious consumers.
Its range of fruit jerky snacks are available in over 100 independent outlets across the UK including Vital Ingredient, As Nature Intended and Sourced Market, as well as a number of online stockists such as Ocado.
Mike Cowell, investment manager at ClearlySo, said: “Snact has developed a unique product, brand and identity that not only demonstrates great commercial potential but effectively highlights the issues around food wastage in the UK and abroad.”
The FAO estimates that one third of all food produced globally is wasted, which has huge economic, social and environmental implications.The UK alone bins £12.5 billion worth of food every year, including over 500 million bananas and 1.6 billion apples.
ClearlySo works exclusively with businesses and funds, financing projects with a positive social, ethical and/or environmental impact.
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