London-based tech startup Winnow has raised $7.4m (£5.6m) to boost its international expansion.
The firm received funding in a round co-led by Circularity Capital, Mustard Seed and D-Ax.
Marc Zornes, Winnow co-founder and CEO, commented on the news: “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.”
Launched in 2013, Winnow is currently active in 29 countries and its technology is being used by the likes of IKEA, Compass Group, AccorHotels and Carnival Cruises.
David Mowat, co-founding partner of Circularity Capital, added: “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 $1trillion 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.”
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