Vancouver-based Foodee Closes Second Tranche of $10 Million Series-A Financing Led by BDC CapitalWednesday, September 13, 2017
Vancouver, BC, September 13, 2017--(T-Net)--Foodee, a Vancouver-based leading corporate meal delivery service that enables companies and employees to order from top local restaurants, has secured the second tranche of a $10 million Series A financing led by BDC Capital.
Other participating investors include Kensington Capital Partners by way of the BC Tech Fund, Yaletown Ventures, Structure Capital, and Voyager Capital.
Having successfully expanded into 10 cities across Canada and the U.S., Foodee will use this latest investment to further develop the company's industry-leading ordering platform, as well as continue its expansion into cities across North America.
Editor's Note: Foodee previously announced it closed a $6 million CAD Series A financing led by BDC last year in February 2016. Company officials have confirmed to T-Net that this new '2nd tranche' is for an additional $4 million (on top of the original $6 million financing, to make $10 million for their Series A round in total).
“Foodee has taken an innovative approach to providing the best food options in a city to corporate clients - all delivered with first-rate service”, said Andrew Lugsdin, Partner at BDC Capital, “It is clear from their rapid growth that the customers love it”.
“We are very pleased to have participated in the new financing round of Foodee, which is positioned for strong growth in the rapidly growing online food sector,” said Gerri Sinclair, Managing Director of Kensington Capital, and manager of the BC Tech Fund, “It is great to add to the BC Tech Fund portfolio a strong company that is rapidly expanding throughout North America from its Vancouver headquarters.”
Foodee is among the first companies to receive investment from the $100 million dollar BC Tech Fund, due not only to the company's considerable growth, but also its ability to create jobs and strengthen local economies.
As Foodee expands into markets and communities, the company brings additional business to hundreds of local restaurants by providing off-peak hour demand for team meals and catered corporate events. Restaurants are able to fill orders for corporate clients outside busy hours, increasing revenue per square foot and optimizing kitchen capacity, according to the company.
“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.”
Ryan Spong, CEO of Foodee
“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, “We hope to do our part in supporting the local economy and food culture by leveling the playing field with large, corporate chains.”
Catered lunches are an increasingly common company perk, especially for innovative, high-growth companies looking to attract and hold on to top talent. Local businesses that offer catered meals to employees using platforms such as
Foodee also benefit from an increase in productivity, happiness and loyalty.
Online food ordering presents a $210 billion market opportunity according to a 2016 report published in TechCrunch, and employees want more than pizza.
Since launching in 2012, Foodee has grown rapidly, partnering with over 500 restaurants, serving over 8,000 customers, and delivering millions of meals in Toronto, Vancouver, Austin, Denver, Philadelphia and more.
Find out if your team qualifies for a free lunch and learn: https://try.food.ee/foodee-demo-form Order Foodee to your office: https://www.food.ee/corporate-food-delivery-cities/
Foodee is a leading platform that connects offices across North America with top restaurants, bringing local food culture into boardrooms and satisfying the cravings of Fortune 500 companies such as Apple, Amazon, Comcast, eBay, Facebook, Microsoft, Starbucks and more. Foodee currently operates in 10 cities in North America and is rapidly expanding. Learn more: https://www.food.ee
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