The London-based company was co-founded in 2021 by entrepreneur Andy King and software engineer Cord Schneider and is looking at expansion into Europe in 2027.
Limetrack is best known for its Internet-of-Things enabled food waste bin which automatically weighs and reports waste and carbon emissions, known as the “SMART Bin”.
Andy King, co-founder and CEO of Limetrack, said: “We are delighted to have secured the funding to scale Limetrack up to meet the needs of UK organisations facing multiple pressures to reduce cost and measure food waste.
“A big thank you to all our investors. Their backing will allow us to move much faster – manufacturing at scale, deepening integration and delivering the frictionless, trustworthy data our rapidly growing customer base requires.”
The funding was raised through a combination of a £1 million loan from the UK government’s Innovate UK and £320,000 in equity from backers such as waste industry corporates, an impact VC fund and angel investors.
The funds will specifically go towards scaling the production and deployment of the SMART bins, including fulfilling current orders and pre-orders.
The investment will also look at accelerating manufacturing from 20 bins to 250 vins within the next 10 to 12 months.
Limetrack currently has partnerships with several NHS Trusts, independent schools, office blocks, restaurants, hotels and care homes – and with all major UK waste management firms.
The company is also looking at trials with other UK businesses, including Heathrow and an undisclosed national fast-food chain.
Food waste and Simpler Recycling
King continued: “We aim to make food waste measurement effortless so that businesses can report with confidence, while cutting costs and carbon emissions.
“With 10.7 million tonnes of food wasted each year in the UK there is a huge opportunity, and the recent introduction of Simpler Recycling legislation means there is a legal necessity for most businesses, as well as an economic incentive.
“Defra projects 2.2 million UK sites will be affected in 2025, growing to 6.2 million by 2027.
“It’s been a brilliant journey so far, but we’re only just getting started. Of the 1.7 million UK and 10.3 million European commercial sites suitable for Limetrack’s SMART Bins, fewer than 40% currently use any form of food waste bin, providing a significant further market.
“Our immediate focus is on scaling across the UK before expanding into Europe in 2027.”
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