A London-based company has secured over £1.3 million to scale production of its smart food-waste bin, which automatically weighs discarded food and reports carbon emissions.
Limetrack says with the new investment, it aims to increase manufacturing of its ‘SMART bin’ from 20 bins a week to 250 bins a week within the next 10 to 12 months.
The new funds were raised through a combination of a £1 million loan from Government-sponsored Innovate UK and £320,000 in equity from backers.
Commenting on the investment, Andy King, Co-founder and CEO of Limetrack, said: “We are delighted to have secured the funding to scale Limetrack up to meet the needs of UK organisations facing multiple pressures to reduce cost and measure food waste.”
“A big thank you to all our investors. Their backing will allow us to move much faster – manufacturing at scale, deepening integration and delivering the frictionless, trustworthy data our rapidly growing customer base requires.”
“Our immediate focus is on scaling across the UK before expanding into Europe in 2027.”
Co-founded in 2021, Limetrack customers include multiple NHS Trusts, independent schools, office blocks, restaurants, hotels and care homes, as well as all the major UK waste management firms.
Limetrack says Sky and global hospitality company Convene are introducing its SMART bins across multiple sites. The company says it’s also in discussion over SMART bin trials with Heathrow airport and a national fast-food chain.