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SUMMARY
- Brightly, a climate-tech startup, raises $2.3M in an oversubscribed seed round.
- Lead Investor: Schreiber Foods, with secondary backing provided by G-Force, Collaborative Fund, Clear Current Capital and Windsail Capital.
- Mission: To convert waste food into carbon credits funding food rescue organizations (FROs).
- Technology: It uses artificial intelligence to compute methane avoided by rescuing food.
- Key Challenge: Addresses United States Landfill Methane Emissions and Supports Safe Food Recovery
Brightly Raises $2.3M in Seed Round to Convert Food Waste into Carbon Credits for Food Rescue
Brightly, a climate-tech start-up converting food waste to carbon credits for funding food rescue organizations, closed an oversubscribed $2.3 million seed round. Its round was led by the support of Schreiber Foods and also joined the round by G-Force, Collaborative Fund, Clear Current Capital, and Windsail Capital.
Brightly is an initiative to mitigate the emissions of methane, a powerful greenhouse gas, released during food decomposition in landfills. It collaborates with nonprofit Food Rescue Organizations (FROs) to ensure that edible food is not allowed to go to the landfills but rather reduces methane emissions and addresses food insecurity. It creates carbon credits for these emissions by quantifying and monetizing them and enables food producers, manufacturers, and retailers to offset their environmental impact by purchasing such carbon credits.
The cutting-edge platform calculates avoided methane emissions through food rescue efforts with the help of AI and utilizes datasets from the USDA and EPA. Credits generated subsequently enable FROs to rescue more food, cut down emissions, and fight hunger. The model of Brightly fights both the climate crisis and food insecurity, since food waste is the biggest contributor to U.S. landfill methane emissions.
Blair Tritt, Vice President of Corporate Ventures & Partnerships, Schreiber Foods emphasized that the company is "very committed to sustainability", and Brightly's approach meets Schreiber's objectives related to methane reduction and environmental stewardship.
Brightly's solution addresses two of the biggest global challenges: food waste and food insecurity. Brightly empowers FROs with more resources to service communities in need and helps them support a more sustainable future.
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