In addition to existing investors such as Doodle founders Myke Näf and Paul E. Sevinç, Codecheck was able to bring new investors on board in its second financing round, including the German investment company MGO Digital Ventures and the Silicon Valley-based venture capital firm Polytech Ecosystem. Together they are investing over EUR 1.2 million in the start-up, according to a Codecheck statement.
Codecheck offers an app that can scan the barcodes of food products, making it easy for consumers to find out which products are made without palm oil, microplastics, gluten, sugar or ingredients of animal origin.
In its first financing round in 2014, Codecheck succeeded in getting EUR 1 million, allowing it to expand into Germany and Austria. Since then, the app has been downloaded by nearly 4 million people in German-speaking countries.
With the successful conclusion of the second financing round, Codecheck now plans to open up new markets and further improve the app.
“As a next step, we will make Codecheck available to an international audience and design the evaluations and alternatives in a power personal and therefore relevant manner using machine learning technology,” said Boris Manhard, Codecheck CEO.