Waste not, want not: Kern Tec valorizes stone fruit pits, raises €12 million
In Austria, a foodtech startup turning the pits of fruits like apricots and cherries into oil and dairy ingredients has raised €12 million in a Series A funding round. Luca Fichtinger, cofounder of Kern Tec, told Green Queen the company will use the funds to scale up manufacturing in Europe and expand into the US market by 2025.
Kern Tec is already selling apricot kernel oil and cherry and plum seed oils. It is also selling dairy-free ice cream under the brand Wunderkern and, most recently, begun selling milk and chocolate spread made with apricot-kernel oil. According to Kern Tec, about 500,000 metric tons of stone fruit pits end up in landfills annually in Europe.
The investment round was led by Belgium’s Telos Impact. PeakBridge Growth II Fund and the European Innovation Council Fund also participated. “Our investment will provide Kern Tec with the means to scale their business in Europe and, thanks to their innovative technology, contribute to saving resources and supporting farmers and businesses,” said Svetoslava Georgieva, chair of the EIC Fund Board.
