October 9, 2023
Vienna-based SaaS platform provider inoqo has secured a seven-figure investment after successfully pivoting to a B2B business model. The startup enables grocery retailers, such as Norway’s leading eGrocery retailer Oda, to assess the environmental impact of their thousands of F&B products. Oda has taken a pioneering step by becoming the first grocery retailer to assess the product carbon footprint of its entire 6,600-strong F&B assortment, taking not only the category but also the individual ingredients of each product in account.
Vienna, Austria – inoqo, the Austrian SaaS startup committed to enabling grocery retailers to assess, communicate and reduce the environmental impact of their food supply chains, has partnered with ODA, Norways’ leading e-grocery retailer. Significantly, inoqo enabled Oda to calculate the climate impact of 6,600 F&B products, taking the product ingredients, composition and all production and distribution processes into account. inoqo’s technology is heralding a new era in Scope 3 assessment and communication within the grocery industry by enabling grocery retailers to assess the impact of their thousands of F&B products at an unprecedented level of scale and accuracy.
The collaboration between these two companies comes as no surprise. ODA has earned international attention for its ambitious sustainability goals, particularly last year when it started communicating the carbon footprint of their customer’s grocery shopping on their receipts. At the same time, inoqo released a powerful AI-driven platform designed for the scalable, cost-effective, and timely assessment of thousands of F&B products. “The AI powered platform is able to reengineer the composition of thousands of F&B products based on the data the retailers have available today. It can consequently assess the impact of products while taking specific features of the product such as the likely country of origin of its ingredients, production processes, packaging, or transportation into account.” - explains inoqo’s Founder & CEO Markus Linder.
To avoid greenwashing inoqo uses conservative data in the absence of primary data for consumer communication, and enables producers to provide more and more specific product data over time, which allows the technology to replace conservative assumptions by actual product data.
“More than 90% of the carbon emissions of grocery retailers originate from the thousands of F&B products they sell. Consumers, investors, their employees and regulators are requesting them to swiftly join the race to net-zero emissions. With our inoqo platform we provide them with a fly-wheel that enables them to communicate the impact of their products to consumers, while getting an ever more granular view of the impact of their thousands of products over time. This way grocery retailers can receive guidance on how to reduce their products impact by getting detailed breakdowns on their product and supplier hotspots, as well as, support their customers in transitioning towards a more sustainable diet. ODA, with the ambition to encourage its customers to adopt a more climate-friendly diet, found in inoqo the ideal partner with exceptional accuracy and scalability. Turi Pettersen, Head of Sustainability and DEI at Oda, expressed enthusiasm for inoqo’s technology, stating, “We are genuinely impressed with what inoqo has to offer! We believe that retailers can truly make a significant impact in this space by leading the industry - not only by setting an example for other retailers but also by challenging their producers to acknowledge and improve their carbon footprint. It all begins with a robust understanding of the current state through comparable data!”
inoqo initially launched in 2020 with a consumer-focused app designed to help end consumers understand the environmental impact of their daily grocery purchases. The app quickly gained popularity among environmentally conscious consumers in Austria. Recognized with several awards across Europe, inoqo's offering also caught the attention of grocery retailers interested in harnessing its capabilities. Markus Linder, recounts the pivotal moment, "When more and more grocery retailers expressed interest in our technology, the team and I realized that we could have a much greater impact by assisting grocery retailers worldwide in understanding and managing the environmental impact of their food supply chains."
As such, inoqo decided to pivot from a B2C to a B2B model mid last year with a clear mission: "Helping the grocery retail industry to reduce their F&B supply chain’s impact at scale." While doing so Markus Linder could draw on his experience from his first startup Zoovu - a market leading AI Guided Selling Technology company, which he also successfully pivoted from a B2C model to B2B and has since raised more than €200 Million in venture capital. Following the pivot the inoqo consumer app will be discontinued.
And after the strong pivot to a B2B business model, inoqo has now successfully closed a 7-figure round, with support from prominent family offices and angel investors such as Christian Kaar, co-founder and former CTO of Runtastic (which exited to Adidas for €220M), Heinz Hahn, former President FMCG of Mondelez, Felix and Susanne Porsche, Daniel Zech (Former SevenVentures and TV Show 2 Minutes 2 Millions) on behalf of FJH Immobilien- und Vermögensverwaltung GmbH as well as Triple Impact Ventures. Heinz Hahn expressed his conviction, stating, “It was clear to me that inoqo's vision was precisely addressing a critical need within the food industry and has the potential to become the leading AI-driven environmental product management platform.”
October 9, 2023