Tesco’s partnership with OLIO
Tesco, the UK’s leading food retailer and OLIO, the leading food sharing app, have teamed up to tackle food waste in 2020. Through the partnership, Tesco has added 2.7k stores to OLIO’s service, enabling food sharing across the UK.
The impact of this initiative has been a highlight of the year, causing food sharing to increase by 46%. This partnership comes shortly after OLIO’s Series B funding round led by VNV Global in 2020, raising $43 million.
Food sharing app OLIO raises $43M Series B led by VNV Global, as the startup tries to tackle food waste, with Tesco adding 2.7K stores to the service in 2020 (Mike Butcher/TechCrunch)
OLIO is a food sharing app launched in 2016 to reduce food waste and redistribute fresh food to needy people. The app allows users to list items available for donation – such as surplus canned goods, fruits, vegetables, or a full meal – which others can claim for free. The service has proved popular among many users looking for ways to contribute back to their local communities and alleviate any potential environmental impacts of throwing away edible items.
Since its founding, OLIO has raised $43 million in seed funding from VNV Global and other investors. In 2020, the startup announced a major partnership with UK-based grocer Tesco, adding 2,700 stores across England and Wales to their platform and enabling Tesco customers to donate food items through the app directly from their local store. The collaboration has seen an increase in donations by more than 33% since February 2020.
In addition, OLIO works closely with charities like FareShare and City Harvest who regularly receive deliveries of fresh produce made available via OLIO’s network of donors. The company also plans on expanding into new countries such as India and South Korea where there is a high demand for their services given the immense challenges posed by food insecurity worldwide. By connecting local communities within these regions with surplus goods, OLIO seeks to break down unnecessary barriers between those who have access to food and those who don’t.
Overview of Tesco
Tesco plc is a British multinational grocery and general merchandise retailer headquartered in Welwyn Garden City, Hertfordshire, England, United Kingdom. It is the third-largest retailer in the world measured by gross revenues and ninth-largest retailer in the world measured by revenue. It has stores in seven countries across Asia and Europe, and is the market leader of groceries (Tesco operates the biggest groceries store in the UK) worldwide.
Tesco was founded in 1919 structured by Jack Cohen from a group of market stalls based on London’s East End.Ltd. Its present shape arose from Jack Cohen’s business enterprise formation and developed into a chain of supermarkets growing rapidly during that period. In 1992 it entered Ireland launching an independent ‘Tesco Ireland’ becoming a significant shareholder of Ireland’s largest supermarket chain and changed their name to ‘Tesco Ireland’ after acquiring 4 large stores.
In 1994 Tesco moved worldwide outside the UK, opening its first store in Budapest (Hungary). In the past few decades, it has expanded operations nationwide to several countries including Thailand, Malaysia, Korea and Taiwan opening more than 5500 stores worldwide by 2019.
Continuous development made it possible for international customers to access services via online platforms, webcams, stationary products, and multi formats providing multifaceted shopping experience 24 h per day 7 days per week all over year round, making Tesco an easily accessible retail option for shoppers looking for convenient options.
Food-sharing app OLIO has seen an impressive raise of $43 million in its Series B funding round this year, led by venture capitalist firm VNV Global. This helped the startup to tackle the ever-growing issue of food waste.
This funding round is part of Tesco’s partnership with OLIO, adding 2.7K stores to the service in 2020. Together, the two strive to reduce food waste and help needy people.
The Food Waste Problem
Food waste has risen to the top of the global agenda in recent years as an area of great importance for economic, social and environmental sustainability. According to figures published by the UN Food and Agricultural Organization, nearly one-third of global food production is lost or wasted yearly. This equates to 1.3 billion tonnes of edible food going to waste annually.
Various solutions have been proposed in response to this problem, ranging from behavioural change initiatives aimed at reducing household food waste to greater collaboration between producers and retailers. One such solution is food sharing apps like OLIO which enables users to share surplus food with their neighbours, helping minimise the amount being thrown out daily.
OLIO was founded in 2015 by two former UN FoodAid workers who saw a need and had first-hand experience of how surplus food was endangering lives worldwide while wasting resources simultaneously. This vision has now grown into a business valued at over $114 million, with some 2.7K Tesco stores added in 2020 as part of its Series B funding round led by Venturra Capital – signalling recognition across Europe’s major grocery sector chiefs that aiming straight for zero food waste is a beneficial goal all round!
Food waste is estimated to cost households in the UK alone around £3.9 billion a year. OLIO founders Tessa Clarke and Saasha Celestial-One founded olio with a simple mission: To reduce food waste by connecting people. Their approach is based on an online app that allows users to share food among neighbours, local stores and other businesses.
Suppliers with surplus food can quickly add listings of available items to OLIO’s app. OLIO users are notified when these nearby foods become available for collection or delivery (using OLIO Drivers). By reducing barriers to sharing, the company aims to empower local communities to become zero-waste zones and reduce their dependence on supermarkets to provide food items.
OLIO recently secured $43 million in Series B funding round led by VNV Global, showing its active influence on how businesses can aid global efforts towards ending food wastage. Its recent partnership with Tesco adds 2.7K stores under its umbrella –– opening up previously untapped opportunities with smaller retailers looking to cut costs while reducing wastage impacts on their businesses.
Tesco, one of the UK’s leading retailers, and OLIO, a food sharing app, have announced their strategic partnership in December 2019. This will expand the reach of OLIO’s mission to tackle food waste throughout Scotland. Tesco will become England’s first nationwide food redistribution scheme.
The partnership was formed due to the increasing demand for sustainable and waste-reducing initiatives from customers and businesses alike. As a result, OLIO has become a go-to service for communities needing extra help in reducing their food waste or seeking ways to redistribute surplus food stock that may otherwise have gone to landfill.
The potential power of Tesco coming on board has been very exciting – they are currently working together to sign up 2.7K stores into the service across 2020, giving a huge new platform for local OLIO users to share food with their neighbours and charities – including The Trussell Trust and Fareshare – in need of nutritious meals. The rise of Foodshare sites around areas where more people live with limited access to healthy foods further complements the strategy by providing immediate access for those in need with no waiting time or application process needed. Tesco also pledges 0% waste in its operations by 2025, highlighting its commitment towards sustainability initiatives such as this one with OLIO.
Tesco and OLIO’s partnership marks a significant step in the ongoing effort to reduce food waste and tackle climate change.
OLIO’s food sharing app, which connects households with surplus food to local communities, has had a major impact on reducing food waste, and Tesco’s involvement has only expanded the reach of the service.
The combination of OLIO and Tesco’s services has already profoundly impacted the environment and will continue to play an important role in the fight against climate change.
Tesco’s partnership with OLIO, a food sharing app, and their subsequent addition of 2,700 stores to the OLIO network provided a substantial financial impact. This influx of capital through the Series B funding round and Tesco’s expanded partnership allowed for developing new initiatives addressing food waste worldwide. OLIO plans to use the Series B funding to double their team size, expand into additional international markets, and invest in machine learning technology to become an AI-driven approach to reducing food waste.
Adding Tesco stores to the OLIO network enabled them to reach more people in more communities than ever. This opened up more markets where they could offer their services and boosted brand awareness as they are now partnered with one of Europe’s largest retailers. In addition, with such an expansive network, OLIO can further reduce food waste by enabling users across different locations access to excess or unsold grocery items that would otherwise go wasted.
By partnering with OLIO, Tesco has gained favourable public opinion from customers due its commitment towards addressing global food waste issues. Furthermore, through this public perception advantage and increased sales opportunities provided by OLIO’s international expansion, companies like Tesco will also have increased financial opportunities. Hence,Tesco’s partnership withOLIO has tremendously impacted both businesses financially.
Tesco’s recent partnership with food sharing app OLIO is expected to positively impact the environment, as it strives to tackle food waste. The improved access and availability of surplus food increases the chances that unsold food will avoid landfill, where it produces greenhouse gases (GHGs) as it breaks down.
This initiative is part of Tesco Sweden’s effort to reach zero waste in its stores – converting all of its surplus into valuable resources – by 2025. In June 2020, Tesco added 2,737 stores in the UK to offer their unsold products through OLIO’s platform. This expansion has enabled more communities to participate and increased both donation frequency rate and interest from customers due to competitive offers, belonging to a good cause and social connection formed via reviews and conversations with other users.
Additionally, this partnership could aid consumers in less affluent areas with access to cheaper groceries that would otherwise be unavailable. If these consumers can use this free resource more effectively, it can lead to an overall improvement in their living and health through nutrition-rich options found at OLIO shops. This can further lead towards helping fight malnutrition caused by poverty-stricken circumstances and breaking negative mental cycles linked with money management encouraged by long-term budgeting training programs implemented across different countries worldwide lately.
Tesco’s partnership with food sharing app OLIO is projected to have a significant social impact domestically in the UK and worldwide. OLIO’s mission to fight food waste has placed it in increasing demand, receiving $43M Series B led by VNV Global earlier this year. The company is partnering with Tesco to reach even more consumers, with an addition of 2.7K stores added to the service before the end of year 2020.
The collaboration looks to provide real benefit and value to current and potential users as more people are presented with convenient solutions for combating food waste, with surplus food being shared rather than discarded or wasted. By offering solutions such as these, more households can reduce their environmental footprint without making significant strides or changes in lifestyle and attitudes. This benefits the environment and helps conserve our natural resources while providing those in need access to much needed supplies during tumultuous times such as these in 2020.
While Tesco has extended this partnership further by donating 1 million meals via OLIO’s app during challenging times caused by COVID-19 pandemic, recognising that many families are looking for access to healthy meals under unusual circumstances caused by the virus situation across the UK. This initiative helped ease access to healthy yet affordable meal options for those struggling under normal circumstances, let alone during a pandemic period such as this one during 2020.
Tesco’s partnership with OLIO represents a shift toward a more sustainable future in the fight against food waste. This partnership between a major retailer and a startup focused on upcycling and redistributing surplus food is a positive move that could revolutionise how we think about food waste.
This article will explore what this partnership means for the future and how it could shape the food industry.
Tesco is exploring ways to leverage OLIO’s tech-enabled food sharing capabilities, with the potential to add 2.7K stores to the service by the end of 2020. The move is part of Tesco’s commitment to tackle global food waste and emphasises the importance of sustainability and reducing environmental impact.
Tesco’s partnership with OLIO allows customers to donate surplus food products that would have otherwise gone to waste and stands as a testament to Tesco’s dedication towards reducing environmental waste. Free download of the OLIO mobile app allows users to conveniently donate surplus ingredients and products which will be collected from their doorsteps by a friendly volunteer messenger, who then delivers them safely along with meal kits (where available) straight into their home.
The startup recently closed a $43M Series B funding round led by venture capital fund VNV Global aiming at expanding its services across new territories in Europe, North America, Asia Pacific region, the Middle East and Africa in 2020. Combining forces with Tesco underlines its mission to ensure that more people are helped reliably in less time while eliminating excess food consumption and environmental impact.
As Tesco continues to expand its partnership with OLIO and seeks to decrease food waste worldwide, the company faces certain challenges.
Firstly, while their food sharing initiative has demonstrated its potential in reducing levels of food waste, compliance remains a major concern. For this strategy to succeed globally, all parties must comply with safety and health regulations when using the app. In addition, malicious actors could potentially target OLIO’s online platform. This could create security challenges that potentially affect clients and Tesco as they are associated with OLIO’s efforts.
Another challenge is public acceptance and understanding of the system. If people lack an understanding of how it works and how safe it is, there may be a lack of enthusiasm for using the app – which would reduce its effectiveness in tackling worldwide food waste issues. Tesco needs to educate consumers on how food sharing works within their framework. Addressing any misconceptions about safety or hygiene concerns could help increase public appetite for this scheme.
Finally, technical issues may arise due to complexity and scalability. As illustrated by previous regulatory challenges faced by OLIO during their Series B funding venture, there are potential technical problems which need to be solved before reaching their goal of expanding 2.7K stores throughout 2020 into this program worldwide – such as data processing speed or debugging issues that may arise during implementation at varying levels across stores across different countries globally. Adding yet more complexity, regional differences in consumer behaviour must also be taken into account should Tesco want their endeavour become an international success story in battling global food wastage efforts through this innovative service offering leveraging technology advancements – answering the growing consumer demand for convenience combined with sustainability solutions within one service provider (Tesco).
The partnership between Tesco and OLIO is just one of many examples of how businesses can join forces to combat food waste. With the support of investors and many different companies, OLIO has the potential to expand its service to more store locations. In addition, they are actively working on developing solutions that reduce food waste while providing people with access to healthy and sustainable food choices.
In addition, as technology continues to evolve rapidly, there are more opportunities for organisations like OLIO to develop efficient and cost-effective ways to help reduce global food waste. This could include utilising artificial intelligence (AI) to detect food shortages before they happen, helping businesses better manage their inventory levels and ensure that no unnecessary wastage occurs. As these technologies become more common in industries across the globe, businesses will have the opportunity to develop collaborative partnerships to tackle the issue of global food waste together.
Moreover, as countries worldwide continue shifting towards sustainable practices and concepts such as zero-waste homes become increasingly popular, consumers will be increasingly motivated by their values when choosing products or services. For example, individuals could be strongly drawn towards brands with truthful indications of sustainability or initiatives that promote sustainable consumption rather than over-consumption of resources such as food items. Therefore, strengthening partnering between organisations such as Tesco and OLIO could substantially reduce global food waste while driving positive change within communities worldwide.