CPE News (7/27/2021) – VendorHero Inc., dba Notch, formerly known as ChefHero, has closed a US $10 million round of financing led by Accomplice and BDC Capital with participation from MATH Venture Partners, Golden Ventures, The Yield Lab, Garage Capital and Plexo Capital as well as angel investors Agman, Mark MacLeod, Paul Genier, Shannon Lambert, and Jean Genier.
Notch closed its $12.6 million Accomplice led Series A financing in 2018..
New funding will enable Notch to bring the supply chains of even more of North America’s emerging and established restaurant chains and food brands, online. It will also fund ongoing innovation, be used to attract and retain world class talent and for continued US expansion.
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News Release
Notch Raises $10M USD to Fuel Ongoing Innovation and Rapid US Expansion of the First, All-in-One Platform to Digitize the Entire Restaurant Supply Chain
TORONTO, July 27, 2021 /CNW/ – Today Notch, the first and only all-in-one software solution to completely digitize wholesale food supply ordering for restaurants and distributors, announces today it has closed a $10M USD round of financing led by Accomplice and BDC with participation from MATH Venture Partners, Golden Ventures, The Yield Lab, Garage Capital and Plexo Capital as well as angel investors Agman, Mark MacLeod, Paul Genier, Shannon Lambert, and Jean Genier.
“The restaurant industry has largely focused on front of house technology when in fact cost savings start with eliminating waste within the wholesale food supply ordering process. Restaurants across North America have come to rely on Notch to solve this problem quickly and seamlessly,” said Jordan Huck, CEO, Notch.
As restaurants re-open and increasingly look to eliminate inefficiencies and food waste, Notch is working to fulfill pent up demand from the pandemic with company sales and revenue increasing by more than 450 per cent since April 2020. This round of capital will allow for the rapidly growing Toronto-based startup to bring the supply chains of even more of North America’s emerging and established restaurant chains and food brands, online. It will also fund ongoing innovation, be used to attract and retain world class talent and for continued US expansion.
Notch Pay, an automated payment and collection solution for restaurants and distributors is in development. The platform currently includes Notch Marketplace, relied on by nearly 1,500 restaurants across North America to shop and price compare more than 100,000 wholesale food supply skus, invoice, track orders, receive real time inventory updates, and forecast. Hundreds of food distributors are using Notch Connect to digitize their order desks to enable online purchasing and connect with new customers.
Notch currently operates in Chicago, Texas and Toronto, and is focused on rapid growth in 2021 with recent talented sales hires from Uber and DoorDash heading up US expansion. The company will continue to prioritize talent acquisition with the Notch team nearly doubling in size over the last 12 months while also building a company culture that has been recognized as a Great Place to Work®.
“Notch has identified the pain points in the foodservice supply chain. As the world emerges from the pandemic, Notch is bringing the infrastructure needed to transform how restaurants manage their business to be more efficient and profitable,” said Lo Toney, Managing Partner, Plexo Capital.
Notch is helping the foodservice industry bring efficiency to the back of house for franchises and restaurant groups across North America including Ghost Kitchen Brands which is currently in the process of opening 70 locations across the US, Dark Matter Coffee, Carnitas Uruapan, Al’s Beef, and SummerHouse Santa Monica, Paramount Fine Foods, Sapsucker, Gusto 54 Group, Banh Mi Boys, and more.
“Notch has made our transition to their product easy and seamless, allowing me and my team to focus on opening locations and adding brands with the confidence and knowledge we’ve brought our supply chain online. This product is key to helping us scale from 50 to over 1000 locations in the US next year,” Marc Choy, President, Ghost Kitchen Brands.
About Notch
Formerly ChefHero, Notch brings the entire restaurant supply chain online. It is the first and only all-in-one software solution to completely digitize the notoriously wasteful, paper-driven process of wholesale food supply ordering and ordering taking for restaurants and distributors. Notch eliminates inefficiencies to reduce food waste and save time. Notch is headquartered in Toronto, serving leading restaurants and distributors across the Greater Toronto Area, Chicago and Texas in Houston, Dallas, San Antonio and Austin. The company was recently named the 18th best workplace in Canada by Great Place to Work® Canada.
About BDC Capital
BDC Capital is the investment arm of BDC, the bank for Canadian entrepreneurs. With over $3 billion under management, BDC Capital serves as a strategic partner to the country’s most innovative firms. It offers businesses a full spectrum of capital, from seed investments to growth equity, supporting Canadian entrepreneurs who have the ambition to stand out on the world stage. Visit bdc.ca/capital.
SOURCE Notch
For further information: Media contact: Victoria Kirk, V&CO PR, 416.558.4507, victoria@vcoagency.com