In the race to reduce food waste, Hazel Technologies has gained notable attention as of late, most recently raising a $13 million Series B round co-led by prominent investors Pangaea Ventures and S2G Ventures in August. The startup employs 1-methylcyclopropene (1-MCP) within a sachet insert to inhibit the production of ethylene from fresh produce, in turn extending shelf life. The company was formed in 2015, one year after AgroFresh's 1-MCP use patent expired. Both have product lines using 1-MCP: Protect/Maintain in the case of Hazel and SmartFresh in the case of AgroFresh. Hazel is vying to take away market share from AgroFresh in the 1-MCP post-harvest solution space, of which AgroFresh currently takes up about 80% based on its estimates.
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