Toronto-based Flashfood has announced raising a fund of $12.3 million in a Series A investment round led by investor S2G ventures.
For the uninitiated, Flashfood is a leading mobile marketplace offering its users with access to the best big discounts on food items.
Reportedly, the follow-on funding was generated from ArcTern Ventures and the prevailing investors like General Catalyst, Rob Gierkink, Food Retail Ventures, and Alex Moorhead.
Additionally, Founder of Open Table and Managing Director of S2G Ventures will also join the board of directors of Flashfood.
Apparently, the investment will back Flashfood’s ongoing development across the United States and amplify the firm’s ability to provide food to more families by working along retailers to sell food which would generally be discarded.
As per credible reports, the food wasted by the retail segment throughout the United States values around $37 billion in a year because of the huge volumes of surplus food reaching its expiry date even before the grocery shops have a chance to sell these to customers.
Flashfood is altering this statistic via a digitally powered solution for grocery retailers to sell excess food, reduce shrink and their carbon footprint, while driving the grocery profits.
According to sources, Flashfood has diverted almost 33 million pounds of food items from landfills via mergers with grocery shops across Canada and the U.S., till date.
Josh Domingues, Chief Executive Officer and Founder at Flashfood, commented that the latest investment round will support the firm to work for a more sustainable food segment while providing its customers with huge discounts on groceries, supporting them in saving money and doing good for the planet.
For the record, Flashfood can be found in almost 1,200 participating partner stores like Stop and Shop, GIANT, Tops, Family Fare, and others.