Canadian grocery e-commerce firm Sustainable Produce Urban Delivery (SPUD) has raised CAD 11 million ($8.2 million) to advance its online platform Food-X Urban Delivery.
The financing was led by CIC Capital Ventures and was joined by existing investors, including Walter Capital Partners.
Food-X Urban Delivery is a shared e-commerce grocery delivery platform that enables multiple third-party retailer partners to provide grocery delivery by accessing “industry-leading” technology and shared warehousing, food preparation and delivery services.
SPUD said that by consolidating orders from all of its partners, Food-X it is able to decrease the costs of online fulfilment and reduce environmental impact. Food-X’s first location opened in Burnaby, British Columbia, earlier this year and more locations are expected to open in 2019.
Peter van Stolk, CEO of Food-X and SPUD, said: “The grocery industry is changing, and Food-X provides a solution to innovative retailers everywhere as they deal with evolving consumer trends, the impact of the online market shift and the delivery of fresh foods.
“Customers care about sustainability, and we are proud to have partners who recognise that our unique platform offers a better, faster and more efficient fresh, healthy grocery delivery solution. We are pleased to welcome CIC, who we view as an active, value-added partner, to our shareholder base. CIC has significant experience in the online European grocery market that will prove beneficial as we expand Food-X outside of North America.”
Eric In, principal at CIC Capital Ventures, said: “We are impressed by the experience, expertise and history of SPUD that enables them to address growing consumer preferences for healthy, local and organic products, combined with the convenience of e-commerce and home delivery. We look forward to joining this amazing team.
Eric Phaneuf, managing partner of Walter Capital Partners, added: “Walter Capital Partners are pleased to continue supporting SPUD as it expands its innovative e-commerce grocery platform. We believe SPUD is well-positioned to be a Canadian and international leader, and we are excited to partner with them as they continue to grow.”
© FoodBev Media Ltd 2019
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