Respada Leads Funding for Hunger Eradication Startup Nilus

April 07, 2022    10:00 AM

George Town, April 7, 2022: Respada, an invitation-only platform providing private market opportunities to family offices and the ultra-affluent, is leading an investment round for the series A funding of Nilus, with $5 million in funding from Respada’s partner members. Incubated at the Harvard Innovation Labs by Harvard alumni, Nilus is an impact-driven company that develops technology to fight against food insecurity. Nilus is applying a market-driven, scalable approach to end hunger that leverages disintermediation, circularity and community group buying.

Ady Beitler, Co-founder and CEO of Nilus said, "We are delighted to welcome the Respada community to our movement. We believe that organizations that aspire to tackle the world's most pressing problems must prioritize long-term, disruptive strategies above all else. Respada and its network of family offices have proven to be the perfect partner for us in this sense".

This round of funding will support Nilus in strengthening its community group buying solution, as well as in building a proprietary fintech platform that will be domiciled in The Cayman Islands for the company’s global operations. This platform will enable Nilus’ users from underdeveloped countries and food deserts to access credit and remittances from abroad. “Nilus is developing technology to evaluate the creditworthiness of its customers based on their purchasing habits. We are giving credit to low-income families by financing their access to food and basic groceries,” Beitler said.

Nilus is developing technology to evaluate the creditworthiness of its customers based on their purchasing habits. We are giving credit to low-income families by financing their access to food and basic groceries.

Nilus is also building a tech team with a footprint in The Cayman Islands, under the leadership of its CTO, Ruben Sosenke, who pioneered the development of one of the largest e-grocery platforms in Latin America, PedidosYa.

David Friedman, the Chief Ethics Officer of Respada said, “The mission of Nilus to eradicate hunger using an AI-driven data platform that solves food inventory management challenges, while simultaneously empowering local women community leaders, and generating significant revenue growth, offers a “triple bottom line” that directly aligns with the philanthropic and impact investment initiatives of Respada’s global community of family offices”.

Nilus develops technology to procure food and groceries that are at risk of being wasted, directly from farmers and producers, and distributes them to low-income families who live in food deserts, through community group buying networks. Nilus offers ingredients, meal kits and groceries at discounted prices to community kitchens, shelters, schools, hospitals, and families in food deserts. Nilus was recognized as a ‘World-Changing Idea’- by Fast Company magazine and a ‘Global Changemaker’ by the Mohammed Bin Rashid Initiative for Global Prosperity.

 

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