Too Good To Go

In January 2026 Too Good To Go launched in Tokyo, its first Asian market and 21st country overall, with 80+ partner businesses across Shibuya, Shinjuku and Meguro. The headline numbers are still impressive: 120M registered users, around 180,000 active partner businesses, FY2024 revenue near €610M, and 3.6M new US users in H1 2025 alone. Mette Lykke is still CEO. Bloomberg reported in June 2025 the company was weighing a €200–300M growth round, though no closed round has been confirmed.

The more interesting story is the B2B pivot. Too Good To Go now sells an AI-powered surplus food management platform directly to grocery retailers. Spar International adopted it across 14 markets. The 2025 commercial wins include Whole Foods, Eataly, and Circle K (Ireland national from January 2026). The platform charges retailers as software customers instead of taking a cut of bag sales.

That changes the company’s shape. The consumer app is still the funnel and the brand. The unit economics that justify a €200M+ growth round, though, look more like enterprise software than marketplace commission. Investors who underwrote a consumer-marketplace thesis in 2018 are now buying into something closer to a vertical retail-SaaS company that happens to own one of the largest food-rescue user bases in the world.

If the rumoured round closes at the indicated size, this is the year that pivot becomes the public-facing story. The Tokyo launch is the consumer-side cover for what is increasingly a B2B software pitch.

For the directory, Copenhagen has now produced two consumer companies that pivoted B2B at scale (Too Good To Go, Pleo), both monetising through the same enterprise procurement channels.