Founded in 2017 by Sam Qi, Funtech designs, develops, and supports e-commerce storefronts across desktop and mobile websites, as well as mobile applications.
Funtech also offers software systems to manage inventory, orders, pricing, logistics, and packing for online orders. Funtech’s customer base includes physical grocery stores and supermarkets in Vancouver and Eastern Canada, as well as online grocery companies in Canada and the United States.
“Its acquisition of Funtech marks the start of the company’s expansion into Canada with plans to build ‘an elite software engineering R&D center’ in Vancouver.”
As a result of the acquisition, GrubMarket will offer Funtech’s online grocery technology as part of the former’s software product line. Funtech’s business will continue to be managed by its current leadership team.
Launched in 2014, GrubMarket operates in the food supply chain e-commerce space, providing SaaS solutions. Currently, GrubMarket operates in some parts of the United States and British Columbia, with plans to expand to other parts of North America and internationally.
The WholesaleWare software suite, one of the company’s offerings, is a financial management platform for food industry wholesalers, distributors, brokers, and suppliers. Users can leverage the platform’s sales and online ordering features, inventory management, lot traceability and tracking, and automated routing and logistics tools.
According to GrubMarket CEO Mike Xu, its acquisition of Funtech marks the start of the company’s expansion into Canada with plans to build “an elite software engineering R&D center” in Vancouver.
In August, GrubMarket also acquired Atlantic Fresh Trading, a provider of fresh fruits and vegetables across the United States. Through this deal, the e-commerce company was able to expand to Pennsylvania and Georgia.
Most recently, the company raised $120 million in what it classified as an oversubscribed Series E funding round.Xu said that GrubMarket had a pre-money valuation of over $1 billion.