Vancouver-based Foodee, who’ve made their name off enabling companies to order from top local restaurants, has just announced they’ve raised $10 million in funding to continue their expansion.
Having successfully expanded into 10 cities across North America, Foodee will use this latest investment to further develop the company’s industry-leading ordering platform, as well as continue expansion.
“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, one of the outfits that have contributed to the latest round of funding. “It is clear from their rapid growth that the customers love it.”
Foodee, which is headquartered in Vancouver, is also among the first companies to receive investment from the $100 million dollar BC Tech Fund.
“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.”
The company’s growth is good news for the province, as is its ability to create jobs and build local economies by providing restaurants with off-peak demand.
Catered lunches are an increasingly common company perk, and online food ordering presents a $210 billion market opportunity according to a 2016 report. It’s perhaps no wonder that Foodee has seen considerable growth since launching in 2012 having partnered with over 500 restaurants, served over 8,000 customers, and delivered millions of meals across North America.
“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, BC Minister of Jobs, Trade and Technology, “This BC grown technology presents a great example of how a return on investment will ripple through our economy to benefit British Columbians province-wide.”