Tag Archives: Round

Meet The Entrepreneur Working To Reduce Food Waste New To Raise $ 2 Million | Instant News

Growing up on a ranch off the coast of Connecticut, Luc Dang lived with his mother and the two raised several dozen chickens, goats, rescued wild mustangs, geese and ponies. They would sell eggs to nearby restaurants and as a teenager Dang worked in some of those restaurants.

“I looked at the waste going from the farm to the forks, and identified that nearly half of that waste comes from the consumer-facing food business, and us as consumers,” Dang said. “We also waste a lot of food with eyes bigger than stomach syndrome, we order too much so there’s a lot of trash in there too.”

So, right after college, he got the idea to create Phood, a food service platform that uses Artificial Intelligence via computer vision to help food businesses of all sizes reduce their food waste.

The company recently announced that it has raised $ 2 million in seeds, led by Chicago-based New Stack Ventures and New York-based Story Ventures funds.

The company’s flagship device, called PhoodX, consists of a tablet, camera and scale and captures everything that is prepared and produced in the kitchen and is composted or thrown away. Additionally, it breaks them down using data analytics and machine learning to understand what they buy rather than produce rather than serve and what they throw away.

Phood then gives users that info back, telling them what their most wasted items are, so they can make changes to what they buy and produce to not only save money but also reduce that waste.

Based on data from the FDA, in the United States, food waste is estimated to be between 30 and 40 percent of the food supply. EPA estimate that 63.1 million tonnes of food waste were generated in the commercial, institutional and residential sectors in 2018.

“The waste of food is just something that really doesn’t make sense to me,” Luc Dang, who made up last year 30 Under 30 List of Social Entrepreneurs, said. “It’s strange that we can have such high waste when we have people who are completely unable to feed themselves or are not food safe in our own country.”

Phood currently focuses on grocery stores, with the main client being the Whole Food Market. It operates a SaaS-based model, in which it works with wholesalers to sell them monthly subscriptions (subscriptions depend on the current system they are using, on the amount or volume of food they buy). The company has seen 150% revenue growth since the start of 2020.

The company was founded in 2019, and is participating in TechStars in Twin Cities Minnesota this year.

Nate Pierotti, deal leader at New Stack Ventures (which is leading the seed round), said that in the food waste industry it is rare to find solutions that both provide a significant ROI at the core, but also have a large impact on food waste.

“I think one of the reasons why certain industries resist change, is because it has a negative impact on their bottom line,” said Pierotti. “And what Phood provides is a solution that solves both problems: it provides ROI and also prevents food waste.”

According to Pierotti, it will be difficult to find more important problems to solve.

“Phood has a very significant impact on greenhouse gases and global warming, as well as a huge impact on business.”


image source

Switzerland- Former owner of FC Xamax has shortened prison terms | Instant News

(MENAFN – Swissinfo) A Swiss court has reduced the three-year prison sentence awarded to Chechen businessman Bulat Chagaev, former owner of Swiss football club FC Neuchâtel Xamax, to six months.

This content is published on 17 December 2020-18.29 December 17 2020-18.29 Keystone-SDA / ts

The Neuchâtel district court on Thursday sentenced Chagaev to 30 months in prison, 12 months of which were unconditional, for negligent and mismanagement.

Chagaev bought the club in May 2011, replacing previous president Sylvio Bernasconi; just eight months later, however, Xamax was declared bankrupt, thereby losing his license to play in the Swiss Super League and leaving a pile of unpaid debt of CHF23 million ($ 26 million).

+ More background on the collapse of FC Neuchâtel Xamax

After several years of investigation into the club collapse, Chagaev (who was also temporarily detained) found guilty in 2016 by the Neuchâtel court criminal mismanagement, tax evasion, attempted fraud, and document falsification.

He was sentenced to three years in prison – suspended for two years – and various fines, that sentence upheld in 2017 by the district appellate court .


Legal Disclaimer: MENAFN provides information “as is” without warranty of any kind. We are not responsible or liable for the accuracy, content, images, videos, licenses, completeness, legality or reliability of the information contained in this article. If you have a complaint or copyright issue related to this article, please contact the provider above.


image source

Failure to enforce court orders on the Karachi Loop Railway | Instant News

ISLAMABAD: Chief Minister Sindh Syed Murad Ali Shah on Friday asked the Supreme Court to release court notices issued to him in the interests of justice.

In accordance with the court order issued on December 11, 2020, the chief minister submitted his answer to the Supreme Court and asked the highest court to cancel the insult notification for the sake of justice.

The three-member court, presided over by Supreme Court Justice Gulzar Ahmed on December 11, while hearing the suo motu case related to the heavy losses incurred by Pakistan Railways (PR) as well as the revival of the Karachi Loop Railway (KCR) Project, has issued a derogatory notice to Sindh Chief Minister Murad Ali Shah, for his failure as chief executive to carry out orders in writing and enthusiasm, approved the design development work for the Karachi Circular Railway (KCR) project. The court had directed him to submit his answer within three weeks.

On Friday, the chief minister of Sindh, in submitting his reply, stated that he had great respect and respect for the entire judiciary and that he could not imagine disobeying a top court order. From the narrative of the facts presented by the respondent defendant, which is supported by documentary evidence, the undersigned that he has fulfilled the order / direction of this Honorable Court in a letter and spirit and subsequently promises to fulfill the court order. , Murad Ali Shah submits.

He informed the court that the Sindh Government was working relentlessly to bring about this most important project for the city of Karachi, however, that the federal government appeared to have lost interest in the project.

He argued that all formalities and procedures for CPEC were followed and the Framework Agreement was sent to the federal government on 6 November 2017 for federal cabinet approval and subsequently passed to the Chinese Government. EAD was asked on 9 November 2017 to forward a loan application with concession terms from the relevant Chinese authorities. The Finance Division was also asked to issue a Sovereign Guarantee for KCR on 9 November 2017, CM Sindh stated.

He did, however, convey that there had been no follow-up being taken by the federal government, which appeared to have lost interest in this nationally important project and dire conditions for Karachi residents and instead placed all their focus on the ML-1 railways. project, which literally resulted in no 2018 progress on the project.

He said that with a change of government after the general elections held in July 2018, he was again elected as chief minister by the Sindh Provincial Assembly in August 2018.

“I wrote to the prime minister of Pakistan on 3 October 2018, seeking support for this important and vital project for the city of Karachi and I asked the prime minister that the KCR project has been approved by the JCC to be implemented and even so the federal government wants to discuss it on JWG Transport, which is the subordinate body of the JCC. However, there is no support from the federal government and this was discussed in the JWG Transport which was held in October 2018, “said Murad Ali Shah.

The chief minister of Sindh stated that Pakistan Railways was unsure about the design parameters for the overhead bridge and underpass, and in order for this structure to serve the modernized KCR they wanted the final design to be prepared by the consultants hired to prepare the PPP proposal.

“It was feared that if the overhead bridges and underpasses were built according to the initial design parameters, they might have to be reconstructed to meet the final design for the modernized KCR,” Murad Ali Shah told the court.

He further conveyed that the design parameters for the overhead bridge and underpass were given by Pakistan Railways and the design prepared by FWO. The Sindh government is only playing an intermediary role and may be in conformity if a direct agreement is made by Pakistan Railways with the FWO, CM believes CM Sindh informs the court that this structure will be established. operated by Pakistan Railways, Pakistan Railways do not allow the Sindh Government to even have simple structures such as a flat railroad crossing (phatak) built on its tracks.

Pakistani Railways undertake these simple projects as storage work through deposits from GOS to Pakistan Railways, Murad Ali Shah notified the court adding that they were overseeing the design and construction of these simple structures.

The chief minister of Sindh asked the court to approve these arrangements for the construction of more complex structures such as the overhead bridge and underpass at the KCR. He said that this will greatly assist in the smooth construction of the flyover and underpass.

GOS is committed to providing all assistance to Pakistan Railways and FWO for the project, he said, adding that although the court has declared the revival and modernization of the KCR as a federal project, the Sindh Government will, if it is the highest court. So the wish is to deposit Rs. 03 billion which was allocated to Pakistan Railways after the approval required by the cabinet.


image source

WC: Italy drawing Switzerland, NI, Bulgaria, Lithuania – England | Instant News

(ANSA) – ROME, 7 DEC – Italy draws Switzerland, Bulgaria, Lithuania and Northern Ireland in the qualifiers for the World Cup in Qatar in 2022, FIFA said Monday.

Coach Roberto Mancini said Switzerland were among the best teams in the second pot “but at least it’s a short trip” against them. (ANSA).