Tech.eu writes that 45% of the vegetables go to waste globally every year and the company thinks that its plant-based alternative packaging can prolong the lifespan of the products at the shelves, without harming the planet. Currently, the product is available for fruits and vegetables with edible peels, such as the cucumber or the banana.

More importantly, Saveggy is the only company that has been given the green light to implement this product on the EU market. The company's additive-free formula, made of canola and oats, is added on top of the cucumber as soon as it is harvested, washed and dried.

Saveggy was founded in 2020 by the CEO Arash Fayyazi and CINO (Chief Innovation Officer) Vahid Sohrabpour, both of which have extensive experience in the packaging industry.

Co-founder and CEO Arash Fayyazi said that "we believe that freshness, the health of our planet, and the well-being of people should always remain uncompromised. With this financing round we will launch at industrial scale our first product."

Unconventional Ventures, LRF Ventures and Almi Invest GreenTech are some of the investors who participated in the recent financing round.