Winnow secures £9.3m Series B funding led by Ingka Investments to expand its food waste technology.
Ingka Investments led the Series B round, which will fund technology development and international expansion.
Winnow provides computer vision technology designed to help commercial kitchens track and cut food waste.
Winnow has secured £9.3m in a Series B equity financing round led by Ingka Investments. The capital injection also includes participation from Circularity Capital, Mustard Seed, D: Ax, The Ingenious Group, and an £8m loan from the European Investment Bank.
Established in 2013, the company provides automated food waste tracking systems to hospitality clients across forty countries. The fresh capital will be deployed to drive international expansion and accelerate product development for its artificial intelligence tool, Winnow Vision.
The raise follows strong commercial adoption of Winnow Vision across global hospitality sites, including Ikea stores and the Armani Hotel in Dubai. Existing backers increased their commitments during the round as the firm pursues its target of saving customers £1bn by 2025.
From the founder
"We are very excited about driving the business forward in our global fight against food waste and we are grateful for the continuous support of our investors, with one strategic partner of the investor group Ingka Investments using Winnow on a daily basis across IKEA stores globally. This year we launched our ground-breaking AI product Winnow Vision, and chefs using Winnow around the world are saving $33m worth of food from going to waste annually. We have set a target to save our customers $1bn by 2025, and this investment will accelerate our technology development and business development approach to help achieve this ambition."
Marc Zornes
CEO and co-founder at Winnow
Investor perspective
"Winnow has been a strong partner on our journey, to reduce 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."
Krister Mattsson
Managing Director, Ingka Investments
Use of funds
- 01Continue product development
- 02Expand into international markets
Investors
Krister Mattsson
Ingka Investments
Jamie Butterworth
Circularity Capital
Mustard Seed
D: Ax
The Ingenious Group
The European Investment Bank
