Today, food recycler startup Mill disclosed (via Axios, scoop by my ex-Gigaom colleague Katie Fehrenbacher) that it has reached $20 million in trailing 12-month revenue. It also announced it is launching a new product line extension in Mill for Workplace.
The company, which makes a home food recycler, made headlines when it launched over two years ago, thanks to both its pedigreed founders (the CEO co-founded smart home startup Nest) and its upcycling service that turns processed food scraps into chicken feed.
Since then, Mill has continued to check off key milestones—an achievement worth noting, especially in today’s tough startup climate and in a niche category like home food waste management. Today, they hit another couple of big ones with the launch of a new product line and positive revenue growth.
The move into the business market makes sense, particularly since, as founder Matt Rogers shared in a LinkedIn post, Mill’s food recyclers are already in use at offices like Duolingo and Bristol Myers Squibb. The company’s Mill for Workplace landing page emphasizes how it will help businesses meet their sustainability goals and highlights Mill’s fleet management software.
As for revenue, while $20 million in sales is impressive, the analyst in me wants to know how much of that is hardware vs. recurring subscription revenue, and what their year-over-year growth rate looks like. My concern for any hardware company right now isn’t just the tough funding environment (though I expect Mill will look to raise another round), but also how their bill of materials and overall costs will be impacted by Trump’s new tariffs.
That said, Mill’s management has proven savvy from the start, offering a digestible monthly rental plan ($35/month as of today). I’d also expect they can command a higher monthly rate for business customers. Given their track record, I expect them to continue to navigate this space relatively well.
If you want to hear more about Mill’s business and their new business line, Mill President Harry Tannenbaum will be at Smart Kitchen Summit in July.
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