January 20, 2016

UK-based food waste startup tech company, Winnow, announced it has closed on an oversubscribed $3.3 million Series A led by Mustard Seed and D-Ax, both of whom are existing seed investors in the company.

Winnow is the company behind the smart meter – a large electronic scale that weighs the produce being wasted in commercial and hospitality kitchens, and reports back on what is being wasted, why, and what it is costing the operation – information that most commercial operations do not track.

Food loss due to waste is a major challenge in the hospitality sector. Globally, one third of all food is wasted per year translating to an economic loss of $80 billion. Since its launch in May 2013, Winnow’s smart meter has calculated that is has saved its 200 customer-kitchens $3 million per year, with customers seeing between a 30% and 60% increase in food profitability, according to EU-Startups.

The company, which is currently operating in the UK, Ireland, Singapore, China, and Thailand, plans to use the fresh capital to improve its software, help fund its expansion in both the UK and abroad, and increase its staff.

Winnow co-founder and CEO, Kevin Duffy, told Tech City News, “We are very pleased with the outcome of this round and are now focused on developing our product further, helping our customers increase their profitability by driving down food waste.”

Although the Winnow smart meter is a boon to industry, it is also environmentally beneficial, having shown that its clients are saving 850 tons of food waste per year, and preventing 3,600 tons of CO2 emissions.

“We're thrilled to be solving such an enormous problem for both the hospitality industry and for society as a whole,” said Winnow co-founder and CEO Mark Zornes in a company statement. “Food Waste is a $1 trillion problem and there is enormous savings potential in addressing this issue. The impact we are having with our clients is tangible both in terms of waste reduction and demonstrated return on investment. This capital gives us the resources to invest further in our product and offer as well as take our business to the next scale."