BNP Paribas supports Phenix, the French start-up fighting food waste

Stuart Mitchell

88 million tons of food end up in the trash bin every year in Europe, including 10 million in France alone – a loss of €16 billion in consumables, while a third would be enough to feed all those in need. (according to ADEME).  French start up Phenix, created in 2014, wants to put an end to this environmental, social and economic nonsense. Supported since its inception by Act For Impact by BNP Paribas, its leader Jean Moreau has just announced 15 million euros raised in order to accelerate Phenix’s development and consolidate its presence in Europe. BNP Paribas is participating in this round thanks to the 10 million euro investment of the BNP Paribas Solar Impulse Venture Fund and the BNP Paribas Social Business Impact Fund: A new impact investment to make zero food waste the new market standard.

€10 million invested out of €15 million in raised capital

BNP Paribas Solar Impulse Venture Fund and BNP Paribas Social Business Impact are investing to accelerate the fight against waste.

BNP Paribas Solar Impulse Venture Fund: Born out of a partnership between BNP Paribas and the Solar Impulse Foundation, founded by Bertrand Piccard, this fund invests in high potential start-ups and scale-ups that work for the ecological transition, in order to accelerate their development and change their scale. Open to professional investors – institutional investors, large companies and family offices- the fund aims for a size of €150M to invest primarily in Europe and North America. BNP Paribas has also committed to contributing €75M to the fund. 

BNP Paribas Social Business Impact: This fund dedicated to the social and solidarity economy, created and managed by BNP Paribas Asset Management, has been awarded Finansol since 2015. The BNP Paribas Social Business Impact fund is accessible to employees of BNP Paribas Asset Management’s client companies through their solidarity savings plan (company savings plan and retirement savings plan).

The strength of Phenix’s model

Phenix works with all actors in the chain to target zero food waste on a large scale: manufacturers, producers, wholesalers, large and small retailers, public catering, local shops (groceries, caterers, bakers, restaurants, etc.), consumers andcharities. This is achieved through both technological and human solutions on the ground, upstream and downstream, such as: 

  • A digital platform for connecting different actors of the operational chain
  • A tool for tracking expiration dates
  • An application for selling baskets of unsold items at reduced prices
  • Operational support for actors to optimise their stock management and reduce waste

  • Logistical and administrative management of donations of unsold items to associations, etc.

INfographic pheix food waste

Active in fighting waste at every step

Active from start to finish in the operational chain, Phenix saves all stakeholders valuable time to reduce waste. What is at stake? That zero food waste becomes the market standard and no longer just wishful thinking. 

Visit the PHENIX website
 

“The implementation of solutions to promote the circular economy and the fight against waste responds to major environmental and societal challenges. Phenix has proven that its complementary technological solutions make it possible to move from observation to action so that zero waste becomes the new market standard.”
Laura WirsztelBNP Paribas, Partner of the BNP Paribas Solar Impulse Venture Fund

Developing a leading, anti-waste position in Europe

With this new fundraising campaign, Phenix intends to further strengthen its model, develop its customer base, consolidate its presence abroad and diversify its activity towards non-food products: toys, hygiene, beauty… Objective: Become a key partner for retailers, manufacturers and producers who want to put the fight against waste at the heart of their strategy.

“We are delighted to welcome two impact investing funds that match our values and our Tech For Good positioning into the Phenix adventure. With the support of BNP Paribas Solar Impulse Venture Fund and BNP Paribas Asset Management, we have the right partners to accelerate our fight against waste at the European level. Together, we target 10 million consumers on our anti waste app, and a billion meals saved over the next 5 years, to win the fight against waste and build one of the first impact unicorns.”
Jean Moreau
Co-fondateur and President of Phenix

This new investment is part of BNP Paribas’ drive to support companies that are promoting the ecological transition. 

The creation of the BNP Paribas Solar Impulse Venture fund, with a target size of €150M and which invests in startups like Phenix, illustrates this strong commitment. It is also reflected in sustainable initiatives and investments within the Group’s various business lines, for the benefit of all its customers, and by the allocation of 200 million euros by 2025 for impact companies, as part of investments of its own capital.

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