MINNEAPOLIS, MN, Foodsby, a leading lunch delivery service connecting office professionals with local restaurants, has secured $13.5 million in Series B funding, bringing total funding to $21 million.
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The funding round was led by Piper Jaffray Merchant Banking and included investments from Series A funding partners Greycroft Partners, Corazon Capital, LLC and Rally Ventures. The additional funding will drive continued market expansion and talent investment.
Founded in 2012, Foodsby has redefined food delivery by enabling employees in office buildings to order lunch from local restaurants and get it delivered straight to their office. Busy professionals place orders online, orders are aggregated via Foodsby.com, and the restaurants delivers all the meals at once. As a trusted partner to thousands of office buildings and restaurants, Foodsby is truly a turnkey solution, offering a sustainable food amenity for offices, increased profits for restaurants, and a convenient and affordable lunch option for consumers.
"It is the hard work and dedication of our team that has allowed us to achieve this important next step," said Ben Cattoor, CEO, Foodsby. "We have established a successful model for new market entry with a tried and true combination of talent and technology. We look forward to building on our early successes and learnings to deliver continued growth for our investors and our team."
"Foodsby caught our attention because of its differentiated model and exceptional value proposition, not only for consumers, but also for restaurants and building owners/tenants," said Ted Christianson, managing director of Piper Jaffray Merchant Banking. "We are very excited to be partnering with the Foodsby team to help them continue their impressive growth."
Foodsby will continue its growth trajectory in 2018 through expansion to 15-25 new markets and deepening its talent base on the sales, marketing and development teams.
¨Foodsby, Inc. is a network of local restaurants and commercial properties solving lunch for busy office professionals. Founded in 2012, Foodsby currently serves 15 major markets and is headquartered in Minneapolis, Minn.
About Piper Jaffray ¨
Piper Jaffray Merchant Banking (PJMB) is a part of the asset management business of Piper Jaffray Companies (NYSE: PJC) and operates as the private equity arm of the firm. The group seeks investments in private, commercial stage businesses with strong growth prospects within the industry sectors covered by Piper Jaffray equity research and investment banking resources. Piper Jaffray Companies (NYSE: PJC) is a leading investment bank and asset management firm. Securities brokerage and investment banking services are offered in the U.S. through Piper Jaffray & Co., member SIPC and FINRA; in Europe through Piper Jaffray Ltd., authorized and regulated by the U.K. Financial Conduct Authority; and in Hong Kong through Piper Jaffray Hong Kong Limited, authorized and regulated by the Securities and Futures Commission. Asset management products and services are offered through five separate investment advisory affiliates•U.S. Securities and Exchange Commission (SEC) registered Advisory Research, Inc., Piper Jaffray Investment Management LLC, PJC Capital Partners LLC and Piper Jaffray & Co., and Guernsey-based Parallel General Partners Limited, authorized and regulated by the Guernsey Financial Services Commission. Learn more at piperjaffray.com.