Winnow Raises $10 Million in Series C Funding to Accelerate Growth and Further Develop Ai-Powered Food Waste Prevention
Winnow scales computer vision enabled technology to equip chefs to track and cut food waste in half.
London, June 27, 2023
Winnow, the innovative technology company behind AI-driven food waste reduction solutions, announced today that it has secured $10 million in Series C funding. Investors in the round included ArcTern Ventures, Bridge Nine, Mustard Seed, Circularity Capital, Ingka Investments (investment arm of IKEA, the biggest IKEA retailer), and Novax. This latest investment will be used to expand product development, building on Winnow's world-leading AI capabilities.
This announcement comes after the successful collaboration between Winnow and IKEA, which resulted in a 50% reduction in food waste across over 400 IKEA stores worldwide. By utilizing Winnow's cutting-edge AI technology, the partnership delivered $37m worth of savings to the business whilst saving 20m meals from the trash. IKEA became the first major foodservice business to meet the Sustainable Development Goal to halve food waste.
Winnow's innovative AI solutions have been widely adopted by leading hospitality brands such as Hilton, Marriott, IHG, Accor, Compass Group, ISS, and Iberostar. The Series C funding will enable the company to continue building its technology making Winnow’s AI faster and smarter whilst expanding its global reach.
The technology harnesses the power of computer vision to identify wasted food items in real time. Winnow’s analytics tools then help teams pinpoint waste areas giving them insights to make operational improvements and cut waste in half. Typically a commercial kitchen wastes 5%-15% of the food it buys (source: Winnow analysis of over 1,000 kitchens worldwide).
A kitchen using Winnow would therefore expect to cut food purchasing costs by 2%-8% which is material given recent hikes in food inflation placing margin pressures on operators. Winnow is viewed as the number one solution provider in this space with operations in 70+ countries and the only AI-based technology of its kind to scale globally.
"We are thrilled to have the support of such prominent investors who share our vision of a more sustainable food industry," said Marc Zornes, CEO and co-founder of Winnow "This investment will enable us to further develop our world-leading AI capabilities, bringing even greater efficiency and impact to our clients and partners as we work together to reduce food waste on a global scale."
“‘We’re delighted to announce ArcTern Ventures’ investment in Winnow. Their ground breaking technology and global reach perfectly chimes with our approach to backing breakthrough solutions that will accelerate our response to climate change,’ ArcTern Ventures managing partner Marc Faucher said.
Food waste is a major global issue with WWF estimating that up to 10% of global greenhouse gas emissions can be attributed to food loss and waste. Winnow estimates that in excess of $100bn worth of food is wasted each year in the hospitality sector alone.
Winnow's AI-driven food waste solutions have demonstrated significant success in reducing waste and costs for clients. To date the company has saved $174 million and cut 217,000 tonnes of CO2e emissions worldwide - the equivalent of taking almost 50,000 cars off the road for a year.
About Winnow
Winnow is a registered B corporation and pioneering technology company committed to reducing food waste in the hospitality sector. Founded in 2013, Winnow's mission is to help clients save money while improving their environmental footprint through the implementation of AI-driven solutions. Winnow's cutting-edge technology has been adopted by leading hospitality brands worldwide, enabling them to reduce food waste and operate more efficiently. For more information, visit https://www.winnowsolutions.com/
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