Food waste warriors Winnow announce $7.4m investment round
Thursday 26th October
Winnow, the technology company behind the Winnow Waste Monitor, which helps chefs cut food waste in half by automatically recording what gets thrown away, is announcing the completion of its growth capital funding round of $7.4m.
We’re thrilled to announce the news that Winnow, a proud and longstanding member of the London Food Tech community has secured funding, which co-led by Circularity Capital, Mustard Seed and D-Ax, will fuel further international expansion and product development. Winnow represents a growing number of startups seeing success in the Food Tech and sustainability space so we couldn’t wait to share the news with the community!
Investors were attracted by Winnow’s rapid growth and sustainable vision for the hospitality sector where food waste costs kitchens between 5%-20% of all food purchased – an enormous financial cost not to mention the environmental impact. Winnow customers typically see food waste cut in half within 12 months from installation, reducing food purchasing costs by 3%-8%.
Winnow has shown impressive growth since launch in 2013 and now has operations in 29 countries working with thousands of chefs and cooks to reduce food waste. The funding will be used to accelerate growth within Winnow’s existing customers, build international capabilities to further broaden their customer base and continue their technology development road map.
The technology is being used internationally with global hospitality brands like IKEA, Compass Group, AccorHotels and Carnival Cruises rolling out the Winnow Waste Monitor at scale. Food waste has been a hot topic recently, and Winnow has also won the support of campaigners like celebrity chef Hugh Fearnley-Whittingstall who described Winnow as “A no-brainer for the hospitality industry.”
At the same time, Winnow are launching their #ForTheLoveOfFood campaign which recognises the important contribution chefs are making in the global fight against food waste. Working with thousands of chefs from every corner of the globe, Winnow’s users are preventing over 10,000,000 meals being wasted every year – the equivalent of one meal every three seconds being saved. Watch the campaign film here.
Here’s what people are saying:
Marc Zornes, Winnow co-founder and CEO says “This fundraising announcement is a key milestone in our journey and validation that our technology is driving real value for our clients. The hospitality sector is quickly waking up to the opportunity that food waste presents. We are encouraged by some of our biggest clients now having the confidence to make public commitments to reduce food waste, and we expect the rest of the industry to follow suit doing the right thing for their businesses and for the planet.”
Henry Wigan, co-founder at impact investors Mustard Seed says, “We believe in backing businesses with purpose at Mustard Seed. As an early stage investor, we’ve been with Winnow since their seed round and are encouraged by the traction they’ve built with several market leaders. We expect to see the wider hospitality industry to accelerate the adoption of digital tools to measure and reduce food waste given the significant benefits others are already seeing, both in terms of sustainability and profitability.”
Join Winnow at London Food Tech Week:
Want to hear about how Winnow are building a revolution in the hospitality industry? They will be hosting their third annual YFood Community Event as part of London Food Tech Week on Thursday 2nd November, exploring how new technologies are opening up a world of possibilities for chefs. Join them and us by getting a free ticket here (one registration opens on 23 October). And if you want access to 40+ events, 100 speakers and hundreds of startups, investors and brands during the world’s biggest Food Tech festival, get your Passport here.
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