Debt3 October 2019

Winnow secures £6.2m in debt finance from The European Investment Bank to develop food waste tracking technology.

The European Investment Bank provided the debt financing to support food waste reduction technology under the Juncker Plan.

£6.2MDebt

Winnow provides computer vision technology designed to help commercial kitchens track and cut food waste.

Romanian food waste management company Winnow has secured £6.2m in debt finance from The European Investment Bank. Backed by the Juncker Plan and the European Fund for Strategic Investments, the agreement provides a EUR 7.5m loan to support the firm.

The capital will be used to develop software and hardware solutions that allow staff in professional kitchens to track and prevent food waste. The initiative aims to save food valued at EUR 900m by 2025 and support 69 jobs in Cluj.

This transaction marks the first project in Romania under the European Growth Finance Facility, addressing structural market failures in the provision of risk capital to late-stage ventures.

From the founder

"By creating job opportunities in the community, we are continuing to build a world class team in Cluj in order to deliver effectively on our roadmap ahead. We are also excited about the future of the tech community in Cluj and being one of the first AI pioneers to receive backing from the European Investment Bank is a true reflection of the hard work of our team here."

Kevin Duffy

co-founder at Winnow

Investor perspective

"Winnow’s objective to help professional kitchens reduce their amounts of food waste is both good for our natural resources, and it makes economic sense. By helping businesses monitor and analyse what they are throwing away each day, using innovative technology, Winnow is empowering them to change their actions. I am proud that this project is being supported by the EU bank and the Juncker Plan."

Karmenu Vella

European Commissioner for Environment, Maritime Affairs and Fisheries, The European Investment Bank