Ambit represented Tilia Impact Ventures in its venture capital investment in the startup Munch.
Munch’s platform enables restaurants, bakeries, grocery stores, and hotels to sell unsold food at reduced prices. The investment, totaling tens of millions of CZK, was intended to support the company’s growth in Central and Eastern Europe. CzechCrunch reported on the round in June 2023.
Selling surplus food instead of throwing it away
Hungary-based Munch enables restaurants, bakeries, grocery stores, and hotels to sell unsold food at reduced prices through its platform. The service connects businesses that have surplus food with customers who can use it.
In November 2022, Munch merged with the Czech app Nesnězeno, which also focused on reducing food waste.
Funding for regional growth
Alongside Tilia Impact Ventures, the Hungarian funds Fiedler Capital and BNL Start Partners, Slovenia’s Silicon Gardens, and angel investors participated in the financing. The announcement at the time put the round in the tens of millions of CZK without disclosing an exact amount.
The funding was intended to support growth in Central and Eastern Europe. The company’s planned expansion markets included Slovenia, Croatia, Serbia, Romania, Greece, and Bulgaria.
Tilia Impact Ventures focuses on supporting founders in Czechia and the wider Central and Eastern European region whose businesses address environmental and social challenges.
Further funding in late 2023
In December 2023, Munch announced another funding round, a Series A led by Piton Capital with participation from FJ Labs and other investors. The investment amount was not disclosed. The new funding was intended primarily to support the company’s planned expansion into Romania.
