TotalCtrl, an Oslo-based food waste prevention software company, announced recently that it has received a significant investment from Norwegian investment company Newday.. Besides Newday, existing investors, including Loyal.VC, also invested.
The company says it will use the funds to accelerate its growth nationally and internationally.
In addition to investment from Newday, TotalCtrl has also secured EU funding of NOK 7.5M, which will also go towards further development of the technology, the company says in a press release.
How did this investment happen?
In 2020, Ferd, a family-owned Norwegian investment company, bought 75 per cent of the technology company Infotjenester/Simployer.
With the profit from sales and experience from building and scaling software, Simployer’s founders, Trond Stensrud and Bjørn Petter Garder, established the investment company Newday.
They wanted to reinvest part of the capital from the sale to Ferd in Norwegian growth companies. And that’s how foodtech company TotalCtrl got its latest investment.
“We have followed the company for a long time and are happy to have reached an agreement on capital injection and active ownership in TotalCtrl. We want to apply our operational experience from leading and driving commercial success by taking an active part in creating and shaping new opportunities in exciting companies that have international potential. Through the investment in TotalCtrl, we will contribute to something as important as reducing food waste and a better and more transparent food supply chain in Norway and internationally,” says Trond Stensrud, managing director of Newday.
TotalCtrl: What you need to know
TotalCtrl is a foodtech company that leverages its Inventory Management System to help the food industry optimise the planning, purchasing, and use of food inventory by providing data-driven insights and decision support to make fact-based and sustainable choices.
The company works with Halden municipality, Nordic Choice, and Bergstadens hotel – which can show good results in food waste reduction and improved profitability.
Further, TotalCtrl is a certified B corp company, which means it maintains the highest standards in social and environmental impact globally.
“Today is a big day for us at TotalCtrl. The fact that Newday, through a comprehensive process, has chosen to invest significant amounts and not least to contribute important experience, expertise, and passion – means that we can now take the company to a new level. Moreover, Newday’s investment means that TotalCtrl now has the muscle to grow”, says Charlotte Aschim, CEO of TotalCtrl.
Newday: What you need to know
Newday is an active growth investor that invests in small/medium-sized companies with growth potential. The purpose is to add capital, experience, networks, and expertise so that the companies can exploit their growth potential.
Newday is owned 80 per cent by Colligo AS and 20 per cent by Chrima AS, which, through Newday, reinvests part of the profit from the sale of shares in Infotjenester/Simployer to Ferd in 2020.