Winnow, the technology company behind Winnow Vision, the artificial intelligence tool helping chefs cut food waste in half, has announced the completion of its series B round of funding at a total of US$12m (AED44m).
This follows a recent US$8m (AED30m) loan from The European Investment Bank (EIB), with the help of the Juncker Plan, which focuses on boosting investment to generate jobs and growth.
Following the traction generated in the UAE media lately for its collaborative event in partnership with The Ministry of Climate Change and Environment and having successfully launched the UAE Food Waste Pledge, Winnow is currently seeking to leverage its standing in the UAE to accelerate global growth.
Clients across the region, from Jumeirah Beach Hotel, Marriott and Emaar hotels in Dubai, have already adopted Winnow Vision in large numbers as the demand by companies to cut down on food waste in 2019 rises.
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 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. 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 worth of food by 2025, and this investment will accelerate our technology development and business development approach to help achieve this ambition.”
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.