Based in Sweden, Karma is an online app that sells discount surplus food. The business involves identifying surplus food (uploaded via app) which is then marketed to users to customize their orders. Karma claims that its customers can expect an additional revenue of GBP 30 - 40,000 (USD 42,420 - 56,569) per year. The company started in Stockholm and plans to expand city-by-city starting in Sweden ahead of a European and eventual US expansion. As of January 2020, the company’s app was used in Sweden, the UK, and France.
The company targets midsize restaurants as well as large grocery stores. The service has no upfront costs with Karma receiving a 25% commission on items sold with its app. As of January 2020, the company had over 4,300 outlets selling excess food via its app in Sweden and around 1,800 outlets in the UK, and 1,000 in France for a total of 350,000 Karma users. The company’s last funding round was in August 2018 when the company raised USD 12 million for its European expansion.
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