Participated · Series B · Oct 2019

Winnow develops AI-enabled systems that recognise and record food waste at the point it is thrown away, capturing 100% of the waste stream and delivering analytics to identify where wastage occurs. Its tools enable kitchens to optimise operations, change behaviour, and reduce waste; customers average a 50% reduction in food waste and 2–8% cost savings. Winnow is deployed across more than 2,000 sites in over 70 countries and counts major hospitality brands among its users. The company is headquartered in London with offices in Singapore, Chicago, Dubai, and Cluj-Napoca, and is a Certified B Corporation. Winnow plans to expand further into Asia (notably Singapore, Japan, and Indonesia) and to continue enhancing its AI capabilities to bring greater profitability and sustainability to commercial kitchens. Winnow builds computer-vision and AI tools that identify wasted food items in real time and provide analytics to help kitchen teams pinpoint waste sources. Its solution is designed for the hospitality sector, where the company estimates more than $100 billion of food is wasted annually. Winnow says its analytics have helped clients cut waste in half by enabling operational improvements. The company reports its solutions have saved $174 million and reduced 217,000 tonnes of CO2e emissions worldwide, equivalent to nearly 50,000 cars off the road for a year. Winnow plans to use new funding to further develop and expand its AI capabilities and increase impact across its customer base. The product-focused approach pairs automated detection with actionable insights for operators to reduce costs and emissions. Winnow develops smart kitchen technology, notably its Winnow Vision product, which uses computer vision to automatically track discarded food. The company says Winnow Vision has reached and surpassed human levels of accuracy in identifying food waste. Winnow serves commercial hospitality clients including Ikea and the Armani Hotel in Dubai and aims to enable better inventory decisions by automatically capturing discard data. The startup reports that kitchens using its system typically see a 40–70% reduction in food waste within 6–12 months, driving food-cost savings of 2–8%. Financially, Winnow recently raised $12M in a Series B and secured an $8M loan from the European Investment Bank, adding $20M of capital in the last month. It plans to use the new funds to improve its technology and double down on product development, including hiring QA engineers and front-end developers, while noting its main costs are hardware and service delivery for each deployed unit. Winnow develops the Winnow Waste Monitor, a system of smart scales and a tablet app that lets kitchen staff log discarded food; data are uploaded to the cloud, analysed by Winnow’s algorithm, and shared to reduce waste. Launched in May 2013 and led by founder and CEO Marc Zornes, the company serves more than 600 commercial kitchens including IKEA, Compass Group and AccorHotels. Winnow says its customers collectively save about 4,300 tonnes of food waste annually and that customers typically cut food waste in half within 12 months, reducing food purchasing costs by 3–8%. To support this growth the company disclosed a further $7.4M in funding. The product targets both environmental impact and margin improvement for thin-margin hospitality operators by turning waste data into actionable insights. Winnow offers a set of smart scales that sit under kitchen bins and a tablet app that lets staff log discarded food; that data is uploaded to the cloud and analyzed by Winnow’s algorithm. The system delivers daily reports to chefs highlighting top areas of waste by value so they can adjust operations and reduce costs. Winnow says clients typically see a 30–60% uplift in food profitability by cutting food waste. The company launched in May 2013 and is London-based, and it reports working with over 200 kitchens, including Compass Group, Accor Hotels and River Cottage Canteens. Winnow recently opened an office in Singapore to serve the Asia–Pacific market. It raised a $3.3M Series A to further develop the product and support global expansion.

Participated · Equity · Oct 2019

Matsmart buys surplus and at‑risk grocery and consumer goods from manufacturers and retailers and sells these products directly to consumers at discounted prices to prevent food waste. Founded in 2014, the company operates in Sweden, Finland and Denmark and has saved over 127,000 tonnes of food and consumer goods as of January 2026. In 2025 Matsmart reported revenue of about SEK 800 million and processed nearly 1.3 million orders, with management saying cash flow has improved and profitability is within reach. The company plans to use newly secured capital to strengthen its customer offering through a broader assortment and to concentrate resources on its strongest Nordic markets. Investors and management emphasize the combination of commercial performance and impact as central to the company’s strategy going forward.

Participated · Equity · Aug 2019

Hedvig is a Swedish insurance company launched in Sweden in 2018 that offers home, accident, travel and car insurance with fast in-app claims handling and a focus on customer service. The company reports 130,000 members and a total gross written premium (GWP) volume of SEK 200 million. Hedvig says it has captured 10% of new-home-insurance signups in Sweden and has grown via a partnership-driven distribution model. Management positions the business to leave the startup phase and execute a fully capitalized plan to accelerate growth and reach profitability. The company emphasizes continued expansion of strategic partnerships—banks and other partners are cited as core future distribution channels, exemplified by the new SEB partnership. Hedvig is a neo-insurer that sells property, travel, contents and accident insurance tailored to younger adults, including a distinctive "clumsiness" policy and a model that donates leftover claims-pool funds to charity. The company takes a 25% cut of premiums while the remainder funds a common claims pool; any surplus at year-end is donated. Hedvig operates in Sweden, Norway and Denmark and in March secured an EU-wide insurance carrier license to support geographic and product expansion. The startup has about 70,000 customers, most under age 30, and says roughly 40% of month-on-month growth is organic via word-of-mouth. Hedvig plans to use new funding to launch in a fourth country outside Scandinavia and to continue growing its team and product set. Founders Lucas Carlsén (CEO), Fredrik Fors and John Ardelius built the business around faster digital claims handling and a mobile-first experience aimed at millennial lifestyles. Hedvig offers a combined home and travel insurance product launched in May 2018 and underwritten by HDI Global SE. Its coverage targets apartments, condominiums and villas for owners, renters and subletters, and the company emphasizes fast, app-based claim filing with immediate compensation for simple claims. Hedvig operates a business model that takes a fixed fee of 20% of monthly premiums while earmarking the remainder to pay claims, which the company says removes the incentive to withhold compensation. It runs a referral program called Hedvig Forever and has partnerships with SOS Children’s Villages and the Children’s Cancer Foundation in Sweden. The startup reports customer growth from 15,000 last year to 37,000 today, mainly organic. Hedvig plans to use new funding to transition to become a regulated insurance company in Europe. Hedvig offers digital, full-stack property insurance in Sweden that uses AI and algorithms to assess customers, price premiums and automate claims processing. It currently serves about 15,000 customers for rented and owned apartment coverage and also covers contents such as gadgets and travel. Hedvig takes a cut of monthly premiums to generate revenue (the company has not specified the amount). Its product includes a social-good element: annual surplus is donated to charities selected by customers rather than retained. The company plans to expand coverages to houses and additional insurance categories and to enter markets beyond Sweden. The recent funding and investor support are intended to fuel growth in Sweden and to underwrite international expansion and category expansion. Hedvig provides home insurance through a digital, user-focused product launched in May this year. The company is Stockholm-based, was established in 2016, and says incumbents create complexity that reduces insurance usage. Policies are underwritten by Inter Hannover; Hedvig retains a 20% fee and pledges to return any unclaimed money to charity. Hedvig has raised €2.85M from European investors to accelerate its growth plans. New investors include Cherry Ventures and Khaled Helioui, whom the company says bring experience turning startups into industry leaders. Management frames its mission as making home insurance an "incredible experience that people use."