Yume: Transforming Food Waste into Value
Katy Barfield, while managing a bar in Melbourne, was struck by the significant amount of ingredients discarded daily. This led her to discover that Australia generates approximately 7.6 million tonnes of food waste annually. In response, Barfield co-founded Yume to address this issue by collaborating with manufacturers like Unilever to redistribute surplus packaged food to businesses and charities.
Funding and Growth
Yume recently announced a $2 million AUD seed funding round led by Investible’s Climate Tech Fund, with participation from existing investors and angel investor Pitzy Folk. This funding brings Yume’s total funding to $7 million AUD. Recognized as a certified social enterprise by the Australian government, Yume operates from Melbourne.
Operational Model and Impact
Established in 2016, Yume partners with manufacturers such as Unilever, Kellanova (Kellogg’s), and Mars Food and Nutrition, as well as major charities in Australia. It has facilitated the redistribution of 8 million kilograms of surplus food and generated $22 million AUD in revenue for companies using its platform. Additionally, Yume has facilitated over 1 million meals to charities. The platform monetizes through a subscription model and buyer commissions.
Addressing Food Waste Challenges
Yume tackles various causes of food waste, including unpredictable supply and demand, short shelf life, and mislabeled products. By connecting manufacturers with resellers, Yume helps find buyers for surplus food items, thereby preventing them from ending up in landfills. The platform also facilitates donations for food that cannot be sold.
Streamlining Processes
Yume’s software enables manufacturers to reach multiple buyers simultaneously, simplifying the sales process. It provides historical pricing data to assist manufacturers in setting realistic prices for their surplus food items. Moreover, Yume’s platform automates the donation process, reducing friction for manufacturers and increasing the likelihood of food rescue organizations accepting donations.
Future Outlook and Impact
With the support of Investible’s Climate Tech Fund, Yume plans to expand internationally and strengthen its technology. It aims to double its workforce by the end of the year, with a focus on tech and product teams. Yume’s innovative approach to addressing food waste not only contributes to environmental sustainability but also creates value for businesses and communities.
Yume’s commitment to reducing food waste aligns with Australia’s growing climate tech sector, addressing significant environmental challenges while fostering economic growth. As a pioneering force in food waste management, Yume continues to lead the way in driving positive change in the industry.
