Foodee Closes $10 Million Series A Funding Round
Foodee has announced that they have raised the second tranche of a $10 million Series A financing round.
The Vancouver-based meal delivery startup initially closed the round last year in February. The financing was led by BDC Capital and joined by Kensington Capital Partners by way of the BC Tech Fund, Yaletown Partners, Structure Capital and Voyager Capital.
Foodee will use the new funds to further scale their ordering platform and continue expanding into North American cities. The company was founded in 2012 and currently operates in 10 cities across the U.S. and Canada, including Toronto, Austin, Denver, Philadelphia and more. Foodee partners with more than 500 restaurants and serves over 8,000 customers.
The Foodee platform helps to connect offices with local top restaurants, bringing local flair into boardrooms and meeting areas. Several Fortune 500 companies, from Apple to Starbucks, all use Foodee to connect with their community and serve food to employees.
Several Fortune 500 companies, from Apple to Starbucks, all use Foodee to connect with their community and serve food to employees.
“As a restaurateur in my hometown, I know the challenges faced by local, owner-operated restaurants. I’m thrilled to offer our service to more communities, so that local restaurants can have more robust demand during down time”, said Ryan Spong, CEO of Foodee in a release. “We hope to do our part in supporting the local economy and food culture by leveling the playing field with large, corporate chains.”
Foodee is one of the first companies to receive money from the $100 million BC Tech Fund. A key parameter the fund looks for in companies is not only considerable growth but a boon to the local economy through job creation and money funneling back into neighborhoods and infrastructure. As Foodee enters new markets and connects with new partners, they introduce large companies to brand new local restaurants and allows them to cater and craft team meals. This is all done at off-peak hours, maximizing the amount of money anyone in the food industry can make by taking full advantage of kitchen capacity and driving up revenue per square foot.
As Foodee enters new markets and connects with new partners, they introduce large companies to brand new local restaurants and allows them to cater and craft team meals. This is all done at off-peak hours, maximizing the amount of money anyone in the food industry can make by taking full advantage of kitchen capacity and driving up revenue per square foot.
“This BC Tech Fund investment will help Foodee expand to new markets, while offering owner-operated restaurants the chance to reach new customers and grow,” said Bruce Ralston, B.C. Minister of Jobs, Trade and Technology. “This B.C. grown technology presents a great example of how a return on investment will ripple through our economy to benefit British Columbians province-wide.”
As more and more startups scale and add employees, they want to provide a certain culture. Foodee has tapped into this new market by being a leader of catered lunches in the space. By providing options like this to innovative companies, it can be argued that Foodee is helping top companies retain talent and reward their employees.