CPE Media News (2/27/2019) – Flashfood Inc. has raised undisclosed amount in a Series A round of financing led by General Catalyst.
The financing closed in late 2018. Other investors include Rob Gierkink, James McCann and Alex Moorhead who will join the Flashfood board. Techstars Ventures and Matchstick Ventures, which provided seed funding, also participated in the new round.
Toronto Flashfood allows shoppers to buy heavily discounted, surplus groceries and meals directly through their phones from participating grocery stores.
Flashfood has entered into a partnership agreement with Loblaw Companies Limited pursuant to which Flashfood will offer the Flashfood application to customers of Lablow’s Maxi® and Provigo® stores in Quebec. Flashfood and Loblaw are targeted to have the app available to 113 Maxi® stores and 25 Provigo® stores by end of April.
Flashfood app is also working with Target and Hy-Vee in select stores across North America.
photo credit: Flashfood
News Release
Flashfood raises undisclosed venture round lead by General Catalyst and partners with Loblaw, leading grocery retailer in Canada
Flashfood app offers savvy shoppers steep discounts on surplus grocery items that would otherwise be sent to the landfill
TORONTO, Feb. 27, 2019 /CNW/ – Flashfood, a Toronto based mobile marketplace connecting surplus food from grocers directly to its consumers at massive discounts has raised an undisclosed venture round lead by General Catalyst and has partnered with Loblaw Companies Limited (Loblaw).
Closed in late 2018, General Catalyst lead the round with participation from Rob Gierkink (Founder & Chairman of Datalogix, acquired by Oracle, Chairman of Index, acquired by Stripe. Co-founder of Nectar, acquired by Aimia. Co-founder of Air Miles Canada, acquired by Alliance Data), James McCann (former CEO of Ahold USA) and Alex Moorhead (Co-founder and CEO of Nectar, acquired by Aimia, Co-Founder Tandem Expansion fund). Rob, James and Alex will join the Flashfood board. Follow-on investment came from Techstars Ventures and Matchstick Ventures.
“Our team is really excited to partner with General Catalyst and our newly formed board to expedite our mission. We’ve worked really hard to get to this point and are humbled to see the response from consumers across multiple markets where our platform has been live over the past 12 months,” said Founder & CEO, Josh Domingues.
Earlier this month, Loblaw teamed up with Flashfood to offer the Flashfood application to customers of their Maxi® and Provigo® stores in Quebec. Currently nine Maxi® stores in Quebec have access to the Flashfood app and by the end of April, the app is targeted to be available at 113 Maxi® stores and 25 Provigo® stores.
By downloading the Flashfood App, customers can browse through available deals at any participating store. Product purchases are made directly through the app, and picked up any time during the day from the Flashfood zone in the participating store. Flashfood is a convenient way to reduce grocery bills, while simultaneously making an impact by reducing unnecessary food waste.
To date, Flashfood has sold more than 75% of the products made available through its platform while saving consumers an average of 50% on their grocery items purchased through the app. Flashfood app is currently working with Loblaw, Target and Hy-Vee in select stores across North America.
SOURCE Flashfood
For further information: PR Contact: Jas Banwait, Head of Marketing, jas@flashfood.com, 416-995-6485