Toronto-based Flashfood, a cell market that gives clients with entry to discounted meals nearing its best-by date, has raised $12.3 million in Collection A funding led by S2G Ventures. The app permits customers to flick thru obtainable offers at collaborating shops close to them. Clients may also buy gadgets instantly within the app after which choose up their order from the Flashfood zone of their collaborating retailer.
The app was based based mostly on Flashfood CEO Josh Domingues’s private expertise in 2016. His sister who was a chef referred to as him one evening distraught saying that she needed to throw away $4,000 value of meals. Domingues thought it was a joke however was shocked to be taught that the meals was from a catered occasion and that throwing out uneaten meals was the norm within the meals and grocery industries. After months of researching, Domingues considered creating an app that allows you to purchase meals nearing its finest earlier than date at a reduced value, after which Flashfood was born.
Based in March 2016, Flashfood has quite a few grocery companions throughout Canada and america, together with Large, Loblaw, Large Eagle, Tops, Household Fare, Cease & Store, Tops, Worth Ceremony Market and extra. Flashfood says it has saved consumers over $100 million on their grocery payments and that common consumers save greater than $540 per yr on common via the app. The corporate additionally says it has diverted greater than 34 million kilos of meals from landfills.
As for the brand new funding, Flashfood CEO Josh Domingues says the funding will likely be used to assist the corporate’s continued growth in america and permit it to work towards a extra sustainable meals system.
“The funding will likely be used to develop our U.S. presence to supply extra consumers discounted grocery gadgets that may in any other case find yourself in landfills,” Domingues instructed TechCrunch. “Along with increasing Flashfood’s footprint via new grocers and different strategic partnerships, we’re additionally investing in our know-how to make Flashfood accessible to a broader base of shoppers.”
Flashfood’s Collection A funding included participation from ArcTern Ventures, Basic Catalyst, Meals Retail Ventures, Rob Gierkink and Alex Moorhead. S2G Ventures managing director and founding father of OpenTable, Chuck Templeton, can even be becoming a member of Flashfood’s board of administrators.
By way of the longer term, Domingues says Flashfood will proceed to develop its current partnerships in additional areas and that the corporate could have extra to announce within the coming months.
“We’re presently centered on scaling throughout the US, increasing our current partnerships into extra areas and including new companions to make Flashfood obtainable from coast to coast,” he mentioned. “As we do this, we’re exploring alternatives to additional our affect throughout the provision chain and could have some thrilling information round that within the coming months. We all know that retail meals waste is a worldwide difficulty and the class potential is as staggering as the dimensions of the issue. Options are urgently wanted and in the end, we’re constructing an organization to unravel the retail meals waste drawback at a worldwide scale.”
The app is presently obtainable in Ontario, Quebec, Manitoba, British Columbia, Nova Scotia, Prince Edward Island, New Brunswick, Saskatchewan, Alberta and Newfoundland. As for america, the app is out there in Kentucky, Nebraska, Indiana, Iowa, Wisconsin, Illinois, Florida, Michigan, Ohio, West Virginia, Virginia, Maryland, Pennsylvania, Delaware, New York, Massachusetts and Rhode Island. The app may be downloaded via the Apple App Retailer and the Google Play Retailer.