Turkey’s Fazla raises $6 million at a $43 million valuation

Food waste on a global scale is rapidly approaching a billion-tonne problem. According to the 2021 Food Waste Index published by the United Nations Environment Programme, 931 million tonnes of food are thrown away annually.

Meanwhile, 569 million tonnes of the total are classified as household waste, and 244 and 118 million tonnes, come from the food service and retail industries, respectively.

In response to this challenge, Fazla, a Turkish waste management company, is now on a mission to reduce waste and waste-borne carbon emissions across the supply chain. The B Corp firm has successfully saved over 58,000 tons of food from being wasted and prevented 83,000 tons of carbon emissions, making a significant positive impact on the environment.

Founded in 2016 by Olcay Silahlı and Arda Eren, the company has just announced it has raised a $6 million investment at a $43 million valuation as it begins to make an impact on waste management in the Spanish market.

Esor Investment and 212 took the lead in the funding round. The money will help Fazla’s efforts to speed up its operations as waste management is heading straight for the Spanish waste management ecosystem and spending money on research and development to increase the range of services it offers.