Bonapp.eco, the Romanian startup that sells discounted food approaching its expiration date, plans to reach revenue of EUR 1 M in 2024 after closing a pre-seed extension round of EUR 600,000. The investment came from business angels and through SeedBlink, the co-investment platform for European tech startups.
Bonapp.eco was launched in November 2021 by serial entrepreneur Grégoire Vigroux, former KPMG tech consultant Diego Roy de Lachaise and food tech entrepreneur Luka Zivkovic.
Thanks to this new round, the founders say they are on track to reach profitability in Q4 2023 and EUR 1 M in revenue in 2024.
In January 2022, two months after launch, the company raised a pre-seed investment of EUR 800,000 from meal voucher company Up, as well as VC investors Roca X, Early Game Ventures and Impact Ventures.
The newly raised EUR 600,000 is an extension of that round, allowing bonapp.eco to extend its runway, accelerate growth and reach profitability faster than initially planned.
Plans to expand to Iași, Timișoara and Brașov in the next 12 months
Currently, bonapp.eco is active in Bucharest and Cluj-Napoca. The company plans to expand to other Romanian cities, including Iasi, Timișoara and Brașov, within the next 12 months.
Bonapp.eco’s mobile app addresses the problems of food waste and high inflation by connecting users with local food retailers, including grocery stores, gas stations, bakeries, coffee shops, restaurants and hotels. Through the app, users can purchase food that is approaching its expiration date, at a discount of 50% to 80%.
To date, over 750 partners, including Starbucks, Penny and Cora, have joined bonapp.eco’s network in Bucharest and Cluj-Napoca. The most recent partners include Ana Pan, Berezka, Domino’s Pizza, La Doi Pasi, Pain Plaisir, Noodle Pack and Secom.
Revenue of EUR 40,000 in March, a rise of over 50% against February
Since launch, bonapp.eco has reached 100,000 downloads and revenue of EUR 40,000 in March, a rise of over 50% against February. To date, bonapp.eco has sold 100,000 meals in Bucharest and Cluj-Napoca, saving 49 tons of food from being thrown away, and 103 tons of CO2 from being generated.
“Crowdfunding has always been in our plans. At heart, we are a community-oriented startup, driven by the values of openness and inclusion. Thanks to this campaign on SeedBlink, supported by business angels, some people who have been supporting us from day one have just become our shareholders! Together with these new investors, we will relentlessly continue to pursue our mission: turning the environmental, economic and social challenges caused by food waste into a sustainable opportunity for the benefit of everyone. As inflation keeps growing and CO2 emissions continue to damage the environment, our solution is, more than ever, a win for consumers, a win for retailers, and a win for the planet!” said Grégoire Vigroux, Co-Founder of bonapp.eco.
“Hailing from Romania is bonapp.eco, a fast-growing food tech startup with founders developing a better mechanism for distributing excess food. With a validated market model and a strong team with impressive experience in entrepreneurship, they are now scaling their business, after a successful round on SeedBlink. It’s encouraging to see startup founders that are so actively involved,” said Andrei Dudoiu, Founder and Managing Partner of SeedBlink.