Investors Pump Flashfood With $12.3M in New Funding
Flashfood just got a jolt of new funding. The app-based marketplace that connects shoppers with discounted food nearing its best-by date is flush with a new $12.3 million Series A investment that will help the company expand its presence in the United States.
The mobile marketplace was created to help reduce overall food waste while providing consumers with savings and giving retailers an opportunity to move soon-to-expire products instead of merely discarding them. The latest round of investment was led by S2G Ventures, along with ArcTern Ventures, General Catalyst, Food Retail Ventures, Rob Gierkink and Alex Moorhead, among others.
In addition to funding the startup, S2G Ventures is getting more involved with Flashfood. The firm’s Managing Director Chuck Templeton – also the founder of OpenTable – is joining Flashfood's board of directors. "Through innovation, Flashfood has created a simple way for retailers and consumers to help put a dent in the food waste crisis in a way that creates value for everyone, the retailer, shoppers and the planet. We’re very excited to support the app as they scale their business in the U.S and beyond," Templeton said.
Added Josh Domingues, founder and CEO of Flashfood: “This funding comes at a time when Flashfood is needed more than ever. It will fuel our ability to reach more shoppers and partner with sustainability-minded grocery chains across America.”
According to information from Flashfood, the app-based service has diverted more than 33 million pounds of food from landfills through its partnerships with grocery stores throughout the United States and Canada. Currently, Flashfood units, known as zones, can be found in more than 1,200 retail locations including those owned by Giant, Stop & Shop, Giant Food, Meijer, Tops, Martin’s Markets, Family Fare and Loblaw Cos. Ltd., among others.
