The company behind the Winnow smart meter, which aims to help chefs cut food waste in half, will also use the money to invest in product development.
Winnow co-founder and CEO Marc Zornes, said: “We're thrilled to be solving such an enormous problem for both the hospitality industry and for society as a whole.
“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."
The company is working with clients such as Compass Group, Accor Hotels and River Cottage Canteens. Clients using Winnow are seeing a 30-60% typical uplift in food profitability by reducing food costs, according to Winnow.