(l-r) Winnow co-founders Marc Zornes and Kevin Duffy
The London-based start-up will use the funding to accelerate its global fight against food waste in commercial kitchens.
Winnow, which helps chefs cut food waste in half by automatically recording what gets thrown away, has announced the completion of its growth capital funding of £5.6m.
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.
Winnow customers typically see food waste cut in half within 12 months from installation, reducing food purchasing costs by 3%-8%.
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 US$1tn 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.”
Winnow has shown impressive growth since its 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.
Marc Zornes, Winnow co-founder and CEO added: “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.”
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