Schreiber Foods Leads Brightly's $2.3M Seed Round to Turn Food Waste into Carbon Credits

Leading Global Food Company Joins Climate-Tech Startup in Tackling Methane Emissions and Food Insecurity Through Innovative Carbon Solutions

BOSTON, Dec. 16, 2024 /PRNewswire/ -- Brightly, a climate-tech startup transforming food waste into high-integrity carbon credits to fund food rescue organizations, has closed an oversubscribed $2.3 million seed round. The round was led by Schreiber Foods, a leading global food company, with additional support from G-Force, Collaborative Fund, Clear Current Capital, and Windsail Capital.

Brightly's mission is to combat food waste, food insecurity, and climate change by quantifying and monetizing methane emissions avoided when non-profit Food Rescue Organizations (FROs) divert edible food from landfills to feed communities in need. Methane, a potent greenhouse gas with 80 times the warming power of CO2, is released when food waste decomposes in landfills. Through its innovative approach, Brightly creates high-quality, food waste-based carbon credits that food producers, manufacturers, and retailers can purchase to offset their emissions.

"Food Rescue Organizations are the unsung heroes in the fight against climate change and hunger. Their work not only feeds those in need but also prevents harmful methane emissions," said Andy Levitt, CEO and Founder of Brightly. "With visionary partners like Schreiber Foods, we're creating a financial infrastructure that empowers these organizations to scale their impact and nurture a more sustainable future."

Schreiber Foods: A Strategic Partner for Sustainability
Schreiber Foods' strategic investment highlights its dedication to methane reduction and sustainable practices. "As a dairy company, we're deeply committed to addressing our environmental impact. Brightly's innovative approach to reducing food waste and avoiding emissions aligns perfectly with our sustainability goals," said Blair Tritt, Vice President, Corporate Ventures & Partnerships at Schreiber Foods.

Brightly's Impact: Data-Driven Solutions for Climate and Hunger
Brightly's proprietary AI-powered platform calculates methane emissions avoided by food rescue activities using robust datasets, including USDA and EPA resources. These credits will generate funding for FROs, enabling them to rescue more food, feed more people, and prevent even greater volumes of methane from entering the atmosphere.

The 18-month-old startup addresses two pressing global challenges: hunger and the climate crisis. Food waste is the largest single contributor to U.S. landfills, releasing methane emissions equivalent to those produced by approximately 20 million passenger vehicles annually. (source) Meanwhile, food insecurity affects more than 47 million Americans, including 14 million children, who face uncertainty about their next meal. (source).

"Brightly is tackling two of the world's most urgent issues—climate change and food insecurity—with an innovative and scalable solution," added Louis Warner, Partner at G-Force, the pre/seed climate tech investment programme powered by Founders Factory. "Their ability to create value for both food rescue organizations and corporate partners is truly impressive, and we're proud to support their mission."

For more information, visit brightly.earth or contact andy@justbrightly.com 

About Brightly
Founded in 2023 by serial entrepreneur Andy Levitt, Brightly is a climate-tech project developer focused on transforming food waste into climate solutions. Co-founded by mission-driven food and beverage executive Jesse Kahn and carbon credit expert Jules Fogarty, Brightly partners with food rescue organizations to quantify and monetize their climate impact.

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SOURCE Brightly