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 plans to use the funds to grow nationally and internationally faster than originally planned.
TotalCtrl announced a press release that the company received funding from Newday and the EU in equal amounts: $7.5 million. Both investments will go toward further development of the company’s technology, the press release stated.
How did this investment happen?
Ferd — a Norwegian family-owned firm — acquired 75% of Infotjenester/Simployer, a technology company, in 2020.
After building the Simployer software and earning revenue from sales, founders Trond Stensrud and Bjørn Petter Garder opened the investment company Newday.
TotalCtrl recently received additional funding from Ferd. The reason for this was because investors wanted to put some of the sales capital into growing Norwegian companies.
Newday’s managing director Trond Stensrud is happy with the company’s recent agreement to inject capital into TotalCtrl. Additionally, he’s interested in applying his experience in leading and driving commercial success at other successful companies. Stensrud plans to take a considerable role in creating new possibilities within exciting firms that have potential on an international scale. This is because reducing food waste and improving the transparency of food chains is considered an important matter— one that he hopes to improve with the help of TotalCtrl’s investment.
TotalCtrl: What you need to know
TotalCtrl is a foodtech company that provides data-driven insights and decision support to the food industry. They do this through their Inventory Management System, which helps optimize the planning, purchasing and use of food inventory.
By working with Bergstadens hotel, Halden municipality and Nordic Choice, the company demonstrates the positive results of reducing food waste and increased profitability.
TotalCtrl is a B corp company — meaning it meets the highest standards for social and environmental impact globally.
TotalCtrl CEO Charlotte Aschim says that today is a significant day for the company. She thanks Newday for choosing to invest in TotalCtrl; this decision allowed the company to grow and improve. The partnership between TotalCtrl and Newday also allows both companies to add crucial knowledge, experience, and passion to their efforts.
Newday: What you need to know
Newday adds capital, experience, networks, and knowledge to companies in the form of active growth investment. Doing so allows these companies to utilize their growth potential.
20% of Newday is owned by Chrima AS, which is the same company as Colligo AS. 80% of Newday is owned by Colligo AS. In 2020, part of the profit earned from selling shares in Infotjenester and Simployer will be reinvested through Newday by Ferd.
