We are pleased to announce the completion of our highest funding round to date, with $12m raised in a series B round, followed by a recent $8m loan from The European Investment Bank (EIB).
The Winnow journey - reflections
After starting Winnow in 2013, we are proud of the achievements we have had to date as a company - from our global clients using the system in over 1,000 sites through to saving 23m meals a year from the bin (which equates to one every two seconds). We have also grown internally as a company, with offices now located in London, Dubai, Singapore, Shanghai, Cluj-Napoca and Iowa City to enhance our global reach to clients worldwide.
Most notably, the start of the year accelerated us to another level of capability through the introduction of AI technology, in our latest product Winnow Vision. Automation across kitchens around the world reduces the barriers to entry and once fully trained, kitchens only need to throw away food to receive insight that pinpoints what has actually been wasted and what volumes this waste is.
We are also happy with our growing presence, which has allowed us to be positioned in a new light within the hospitality industry with our further accolades including The Circulars “Ecolab Award for Circular Economy Tech Disruptor, the overall “Winner of Winners Award” at the World Economy Forum in Davos and the Middle East Hospitality Award for: Best Use of Technology alongside our client, Emaar.
Whilst we are proud of these achievements as a company, we still have work to do. In line with the UN Sustainable Development Goal 12.3, we’ve set ourselves a target to save the hospitality industry $1bn worth of food waste by 2025.
Most notably, we have seen in recent months climate change taking forefront of agendas and people taking action. Whilst there is still a significant way to go in the journey for the potential of change, food waste has started to hit the headlines, most recently, industry leaders have demanded more transparency from the industry on food waste. We know that what gets measured gets managed and are encouraged by this call as it bring not better sustainability and profitability for those that heed the call.
With the new capital injection, we aim to further accelerate the development of our cutting-edge technology and business approach to help achieve this ambition of fighting food waste as we look forward to the future, together.
Leading the round, Henry Wigan, Director at Mustard Seed stated, ‘We are privileged to be leading another Winnow round. Right from the very start, we have been deeply committed to Winnow's impact mission, which is intricately aligned with the Mustard Seed Lock-Step thesis that solving big social and environmental problems drives commercial success in the long run. We look forward to seeing Winnow grow at pace.'
Krister Mattsson, Managing Director of Ingka Investments added, ‘Winnow has been a strong partner on our journey to reducing food waste in our IKEA stores by 50% by 2020. This investment supports growth and creates new opportunities to further accelerate the positive impact of food waste prevention. We are focused to increase the use of digital tools and analytics to both create the IKEA store of tomorrow and to deliver on IKEA’s sustainability ambition.’
Adding to this, Jamie Butterworth Partner of Circularity Capital noted, ‘We are delighted to have supported the funding round and maintain our strong relationship with Winnow. We believe strongly in the strength of their technology and its role in accelerating the transition to a circular economy’.
‘We believe in the market potential and the positive impact of Winnow’s product. With our strong presence in the food market and our commitment to building sustainable businesses, we are excited to continue our support to Marc, Kevin and the team going forward’, Joakim Skarborg, Chairman of D-Ax.
Final notes from Guy Ranawake, Senior Investment Director at Ingenious added, “We are very happy to support Winnow and look forward to seeing the growth of the company which aligns strongly with our investment strategy and sector focus, including resource efficiency.”
We also want to extend a thank you to our chefs, who are using the technology on a daily basis and are the true pioneers of our success stories to date. It is this technology combined with leadership that helps us drive change.
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