‘We believe in the market potential and the positive impact of Winnow’s product. We believe strongly in the strength of their technology and its role in accelerating the transition to a circular economy’. 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.’Īdding to this, Jamie Butterworth Partner of Circularity Capital noted, ‘We are delighted to have supported the funding round and maintain our strong relationship with Winnow. This investment supports growth and creates new opportunities to further accelerate the positive impact of food waste prevention. Krister Mattsson, Managing Director of Ingka Investments added, ‘Winnow has been a strong partner on our journey to reducing food waste in our IKEA stores by 50% by 2020. We look forward to seeing Winnow grow at pace.' Right from the very start, we have been deeply committed to Winnow's impact mission, which is intricately aligned with the Mustard Seed Lock-Step thesis that solving big social and environmental problems drives commercial success in the long run. Leading the round, Henry Wigan, Director at Mustard Seed stated, ‘We are privileged to be leading another Winnow round. Food will be thrown in the bin and the data will be captured automatically. This means for clients, over time, these systems will enable their kitchens to automatically register food waste without any human interaction. Winnow’s systems have already reached and surpassed human levels of accuracy in identifying wasted foods. Winnow Vision works by taking photos of wasted food as it's thrown away, and uses the images to train itself to recognize what has been discarded. Kitchens using Winnow tend to see a 40-70 percent reduction in food waste within six-twelve months, driving food cost savings between two-to-eight percent in total, which improves profit margins whilst doing the right thing. With global clients already adopting Winnow Vision, from IKEA stores through to the Armani Hotel in Dubai, the demand by companies to drive down food waste in 2019 is increasing. Winnow’s latest AI product Winnow Vision, an advanced food waste technology on the market, has been developed to automate waste tracking, enabling chefs to run more profitable and sustainable kitchens. Launched in a single staff restaurant in 2013, Winnow has been adopted by more than 1,000 sites globally, and is now operating in 40 countries with offices in London, Dubai, Singapore, Shanghai, Cluj-Napoca and Iowa City. 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 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. Winnow co-founder and CEO Marc Zornes said, “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. The series B round included high-profile investment from Ingka Group, a strategic partner to the IKEA franchisee system, Mustard Seed, Circularity Capital, D-Ax and The Ingenious Group. Winnow aims to continue growing in the market, with hospitality being a key industry, as there has been a significant focus on companies to act sustainably, with food waste being a large contributing factor to this. Within the US alone, an estimated 63 million tons of food is wasted every year. The company, with US offices located in Iowa City, has recently made headlines in the country, having been selected as a food waste innovator and recipient of the Zero Hunger | Zero Waste Kroger Foundation Grant. Combined, this means Winnow has raised a total of $20m in the last month to enable expansion within the hospitality industry across global markets. This follows a recent $8m loan from The European Investment Bank (EIB). Tech company Winnow raised $12m Series B round led by Ingka Group and Mustard Seed: the company’s largest raise to date. In this edition of MRM News Bites, we feature Winnow, Epic Burger, OneDine, Revenue Management Solutions, the ONE Group Hospitality, McCain Foods, Epson America and Noble, Inspire Brands and 2nd Avenue Lighting.
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