Food waste reduction app startup Too Good To Go has acquired innovative food waste reduction software Coda Bene. 2CFinance provided financial due diligence for the transaction, which will allow Too Good To Go to intervene upstream in food waste and become a new service provider for food retailers.
Coda Bene, founded in 2018 by Laurent Bacot, Margaux Cornu, and Jeremy Denais, develops a platform that allows retailers to manage the use-by dates of products. Its app identifies products that are approaching expiration and recommends the most appropriate and profitable action to optimize the end-of-life of these products (reduction, donation to an association, assignment of the product to a food basket, etc.). Coda Bene's clients include Monoprix, Monop' and Casino, with 1,000 stores claimed.
Too Good To Go was founded in 2015 and is headquartered in Copenhagen, Denmark. Its app allows users to buy surplus food from restaurants and grocery stores at a reduced price. The startup operates in 16 countries and has over 36 million users. Its goal is to combat food waste and reduce CO2 emissions. Too Good To Go has recently raised €31.1 million in a Series D funding round to expand its operations in Europe.
This acquisition is a strategic move for Too Good To Go, allowing the company to expand its services and address food waste problems at an earlier stage in the supply chain. For Coda Bene, the acquisition offers a new opportunity for growth and the ability to scale up its operations with the support of a larger company. The acquisition further strengthens Too Good To Go's position as a leader in the food waste reduction industry and highlights the increasing importance of addressing the issue of food waste.