Halma completes successful spin-out of OneThird
20 April 2021
Halma, the FTSE 100 global group of life-saving technology companies, has completed the spin-out of OneThird, a food technology start-up.
OneThird tackles the global problem of food waste by using advanced technology – including infrared sensors, AI algorithms and machine learning – to predict and extend the shelf-life of fresh produce, such as strawberries and avocados, in a non-invasive manner.
The spin-out provides OneThird access to new external partners to further accelerate its growth. Halma will retain a minority shareholding in the company.
OneThird was created through Halma’s digital growth programmes in 2018, backed by Halma company Ocean Insight, a leader in applied spectroscopy.
As part of the spin-out, OneThird has secured €1.5 million of external funding to further develop its technology. It will work with SHIFT Invest and Oost NL to accelerate the development of its platform and expand pilots with retail customers.
Andrew Williams, Halma's Group Chief Executive, said: "OneThird’s ambition – to create a world without food waste – is aligned with our purpose of growing a safer, cleaner and healthier future for everyone, every day. The spin-out of OneThird will enable OneThird to accelerate its mission of reducing food loss and waste, from farm to fork, and exemplifies the success of our sustainable growth strategy.”
Former Ocean Insight employee Marco Snikkers founded OneThird. He said: “We were collaborating with multiple retailers on the possibility of reducing food waste with Ocean Insight’s optical sensors. Through Halma’s incubation engine and the initial pre-seed funding provided, we were able to build our prototypes and validate our digital business proposition very quickly. Now we are ready to further accelerate our development through this spin-out and external funding. We are grateful for all the support, especially from Ocean Insight, and are pleased that Halma will stay actively involved as strategic partner.”
About OneThird
OneThird helps to prevent food waste through data-driven quality prediction of fresh produce. Our vision is to build a platform for objective quality assessment to enable smart decision-making across the supply chain. The people behind OneThird have years of experience in spectroscopy, imaging and algorithms & software development. OneThird is based in Enschede, the Netherlands.
About SHIFT Invest
SHIFT Invest is a Dutch venture capital fund that invests in innovations in food & agriculture, clean (bio-based) technologies, circularity and smart materials. Through its investments, SHIFT strives to create environmental impact alongside financial return. Together with the fund partners, SHIFT offers entrepreneurs a broad network and knowledge of the sector. SHIFT is managed by New Balance Impact Investors (NBI), an experienced team of investment professionals and entrepreneurs. NBI manages five venture capital funds, backed by strong and involved partners that share their mission of turning investments into impact.
About Oost NL
Oost NL (East Netherlands Development Agency) is an agency that focuses its activities and projects on strengthening and stimulating the economy of the provinces of Gelderland and Overijssel, the Netherlands. With our investments we support starting and growth-phase SMEs. We do this partly with risk capital from various revolving innovation funds, and partly through our knowledge, networks and personal contacts. Through the revolving funds we provide for direct as well as indirect investment and take care of the fund management. In addition, we stimulate and support public and private investors. The result: growth through financing.
