Winnow Raises US$7.4 Million To Fight Against Food Waste

Tuesday, October 24th, 2017 | 1242 Views


Winnow Raises US$7.4 Million To Fight Against Food Waste A solutions provider for food waste reduction, London-based technology company Winnow is primed to scale food waste measurement technology internationally following growth capital round.

The technology company behind the ‘Waste Monitor’, which helps chefs cut food waste in half by automatically recording what gets thrown away, has announced its capital funding of Winnow Raises US$7.4 Million To Fight Against Food Waste

Investors were attracted by the company’s rapid growth and sustainable vision for the hospitality sector where food waste costs kitchens between five to 20 percent of all food purchased—an enormous financial cost not to mention the environmental impact. Commercial kitchens that implement the ‘Waste Monitor’ system typically see food waste cut in half within 12 months from installation, reducing food purchasing costs by three to eight percent.

David Mowat, co-founding partner, Circularity Capital, said: “This is a great fit with our focus on the circular economy as a lens to invest and create value. Globally we throw away an estimated US$1 trillion worth of food each year. Just focusing on hospitality, that’s a US$100 billion market opportunity.”

The company 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 the company’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 ‘Waste Monitor’ at scale.

Marc Zornes, co-founder and chief executive officer, Winnow, said: “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.”

Whilst the business case is clear there is also a significant environmental benefit in reducing waste. The company estimates its clients are saving 4,300 tonnes of food waste annually through the use of the system—the equivalent of over 10,000,000 meals every year or one meal every three seconds.

The company’s food waste reduction technology is being used in over 600 kitchens worldwide, saving over 19,000 tonnes of carbon dioxide-equivalent emissions a year—the equivalents of taking over 4,000 cars off the road.

 

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