Spoiler Alert, a Boston startup whose technology helps food businesses use their unsold inventory for good and prevent food waste, announced Wednesday morning that it's closed $2.5 million in seed funding. The round was led by Acre Venture Partners, and the capital will be used to increase employee headcount, grow its customer base and geographically expand its reach.
“Every year, upwards of 40 percent of the nation’s food supply is wasted--reducing bottom lines, squandering opportunities to drive down food insecurity and damaging the environment,” Ricky Ashenfelter, co-founder/CEO of Spoiler Alert, said in a statement. “By enabling businesses with unsold inventory to connect in real-time with networks of non-profits and discount buyers, we see an opportunity not only to increase profitability, but also to drive greater collaboration between food manufacturers, distributors, retailers and farms with the 50,000 nonprofits committed to ending food insecurity in America."
Spoiler Alert helps businesses find ways to put their surplus food and organic waste to good use. Its online tools let these organizations coordinate food donations and discounts with nonprofits.
"It’s using technology to bridge the gap between those have it and those who can do something with it by making the market more transparent and seamless to collaborate," Ashenfelter told us a year ago, when the venture launched its free online marketplace.
Since last November, Spoiler Alert has also introduced a subscription-based tool that lets companies track their food donations and community impact, ultimately helping them benefit from available tax deductions.
Spoiler Alert says it currently has 200 organizations using their services throughout New England, with 15 percent month-over-month user growth. Other investors in Spoiler Alert include the Fink Family Foundation, Fresh Source Capital, FTW Ventures, LaunchCapital and Valley Oak Investments.
