Winnow, a tech start-up that helps commercial kitchens reduce food waste, has raised £5.6m growth capital funding from Circularity Capital.
Winnow says its technology allows clients to cut food waste in half within 12 months, reducing food purchasing costs by 3%-8%.
After launching in 2013, Winnow now operates in 29 countries, with the funding to be used to accelerate growth, build international capabilities and continue tech development.
Clients include IKEA, Compass Group, AccorHotels and Costa Cruises.
Marc Zornes, Winnow co-founder and chief executive, said: “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.”
David Mowat, co-founding partner of 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 $1trillion worth of food each year. Just focusing on hospitality, that’s a $100bn market opportunity.
“Winnow has developed a highly effective preventative solution, has the right management team and has proven its ability to deliver value for its rapidly growing blue-chip client base. We are looking forward to working closely with Winnow’s management to support the delivery of its continued international roll out.”
