Vancouver-based Foodee raises $10 million to continue North American expansion

Vancouver-based Foodee, a meal delivery service targeting corporates, announced that it has raised a $10 million Series A led by BDC.

Other participating investors include Kensington Capital Partners through the BC Tech Fund, Yaletown Ventures, Structure Capital, and Voyager Capital. The company plans to use the funding to continue its North American expansion; it raised $6 million specifically to fuel its US expansion in February 2016.

“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 levelling the playing field with large, corporate chains.”

Foodee’s platform allow companies to provide catered lunches to employees, which it says is key to talent retention. It is also among the first companies to receive investment from the $100 million BC Tech Fund, which was launched by the BC government last year to support the technology sector. The Fund is being headed by Kensington Capital Partners.

“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 BC grown technology presents a great example of how a return on investment will ripple through our economy to benefit British Columbians province-wide.”

Since launching in 2012, Foodee has partnered with over 500 restaurants, serving over 8,000 customers, and delivering millions of meals in Toronto, Vancouver, Austin, Denver, and Philadelphia.

“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.”

Jessica Galang

Jessica Galang

Jessica Galang is BetaKit's News Editor.