ABC Impact Invests in Winnow, The Global AI Leader in Commercial Food Waste Solutions
- Food loss and wastage is a global problem that worsens hunger, undermines the sustainability of food systems, and increases greenhouse gas emissions
- Measuring food waste is a challenge for many commercial kitchens, with up to 20% of food purchased going to waste
- Winnow develops Artificial Intelligence (AI) tools that help large hospitality businesses operate more profitable and sustainable kitchens by cutting food waste in half
- ABC Impact will work with Winnow to further expand in Asia and increase adoption of its cutting-edge technology across the food service and hospitality sector
SINGAPORE, March 5, 2024 /PRNewswire/ -- Impact private equity fund ABC Impact announced today that it has invested in Winnow ("Company"), the global leader in AI-driven food waste reduction solutions. Winnow's advanced technology and comprehensive analytics are trusted by large hospitality businesses such as hotels, contract caterers and cruise ships operating in over 2000 sites and more than 70 countries worldwide. The Company is headquartered in London with offices in Singapore, Chicago, Dubai, and Cluj-Napoca.
Sugandhi Matta, Chief Impact Officer at ABC Impact, said, "Food loss and wastage has a vast economic, social, and environmental impact – depleting resources, worsening global hunger, and increasing greenhouse gas emissions. The innovative AI-driven food waste management solution developed by Winnow has been successfully deployed globally and we are excited to support Winnow's growth by reaching more commercial kitchens in Asia in the coming years. When we reduce food loss and waste, we can mitigate the pressure on climate, water, and land resources – and ultimately contribute towards a more sustainable future."
Winnow's AI-enabled solutions are trained to recognise waste as it is thrown in the bin, whether during preparation or from a customer's plate. The automated recording process captures 100% of the waste stream and analytics identify and track where wastage occurs. This approach enables users to optimise efficiency, change behaviours, and drive significant waste reductions in their kitchens. On average, customers achieve a 50% reduction in food waste and cut costs by 2-8%. Winnow already has a proven track record in Asia with the likes of hotel operators such as Accor, Four Seasons, and Hilton. The Hilton Tokyo Bay cut food waste by 30% in the first four weeks of implementing Winnow's tools. Winnow is also a Certified B Corporation.
"We are pleased to welcome ABC Impact as an investor and on our mission to help the global hospitality community cut food waste in half," said Marc Zornes, CEO and co-founder of Winnow. He added, "Asia is a key market for our solutions and has vast potential to further reduce its food waste, with Singapore, Japan, and Indonesia a particular focus for us. We look forward to working with ABC Impact to further enhance our world-leading AI capabilities and to bring greater profitability and sustainability to Asia's kitchens."
Globally, the push for food waste reduction efforts has gained momentum – creating more growth drivers and amplifying the need for food waste solutions providers like Winnow. The 2023 United Nations Climate Change Conference agenda featured food and agricultural systems as a distinctive theme for the first time. According to the United Nations, around 13% of food produced is lost between harvest and sale, while about 17% of global food production is wasted in total across households and commercial food services. With the scale of food loss and waste exacerbating the emission of greenhouse gases, the food and hospitality sector that Winnow specialises in plays an important role in global food waste reduction.
In Singapore, the National Environment Agency has mandated that all large commercial and industrial food waste generators must segregate their food waste for treatment from this year onwards, with further food waste segregation and reporting requirements expected to be implemented.
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About ABC Impact
ABC Impact is an Asia-focused private equity fund dedicated to impact investing. We invest in companies that drive positive change by addressing the world's most pressing challenges such as climate change, resource scarcity, and deepening inequality. Our investment themes include financial and digital inclusion, better health and education, climate and water solutions, and sustainable food and agriculture.
A division of Singapore-based global asset management firm Temasek Trust Asset Management Pte Ltd., ABC Impact's founding investors are Temasek Trust, Temasek, Pavilion Capital, Mapletree Investments, Seatown Holdings, SP Group, and Sembcorp Industries. We are a signatory of the Operating Principles for Impact Management and the United Nations-supported Principles for Responsible Investment. For more information, please visit www.abcimpact.com.sg.
About Winnow
Winnow is a registered B corporation and pioneering technology company committed to reducing food waste in the hospitality sector. Founded in 2013, Winnow's mission is to help clients save money while improving their environmental footprint through the implementation of AI-driven solutions. Winnow's cutting-edge technology has been adopted by leading hospitality brands worldwide, enabling them to reduce food waste and operate more efficiently. For more information, visit www.winnowsolutions.com.
SOURCE ABC Impact
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