Singapore-based private equity firm ABC Impact has invested in UK-based Winnow, an AI-driven food waste reduction solutions provider, according to a statement.
Headquartered in the UK with offices in Singapore, Chicago, Dubai, and Cluj-Napoca (Romania), 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. Winnow develops AI tools to help chefs run more profitable, sustainable kitchens by cutting food waste in half.
Winnow has partnered with hotel operators including Accor, Four Seasons, and Hilton in Asia. In the first four weeks following the implementation of Winnow’s software, The Hilton Tokyo Bay achieved a 30% reduction in food waste, according to the company statement.
On average, customers achieve a 50% reduction in food waste while reducing costs by 2-8%, the company claims. “The 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,” said Sugandhi Matta, Chief Impact Officer at ABC Impact.
ABC Impact invests in companies which demonstrate a commitment to sustainable development and the generation of positive social or environmental impact. It takes minority positions in growth-stage companies across five impact themes—financial and digital inclusion, better health and education, climate and water solutions, sustainable food and agriculture, and smart and livable cities.
Earlier this year, the PE firm secured the first close of its second impact fund, the ABC Impact Fund II. Though the firm refrained from divulging the details of the capital raised in the first close, their official statement then stated that Fund II’s Assets Under Management (AUM) have exceeded $550 million following the latest milestone. The final close of the vehicle is expected in 2024.
DealStreetAsia in November last year had reported that ABC Impact had secured its first close at $200 million and was targeting a final close at $600 million or more in 2024.
Launched in August 2023, ABC Impact Fund II has garnered support from new investors, notably ‘a Southeast Asian sovereign wealth fund’.
Bolstered by the track record of its inaugural fund, ABC Impact has also received significant backing from existing partners, including Temasek Trust, Temasek, SeaTown Holdings, and Mapletree Investments, according to a statement.
The portfolio companies of the firm are located across China, India, Vietnam, Australia, and Europe and include names such as InnovaFeed, Dami & Xiaomi, Iceotope, Vedantu, HCAH, Cropin, Chongho Bridge, Nha Khoa Kim, and v2 Food.
In 2022, the fund achieved a successful exit from Sunseap, a Singapore-based solar company.