Feedr, the food tech start-up that delivers personalised meals to office workers as an option to companies setting up their own canteens, has been obtained by Compass Group, the publicly-listed foodservice business.
The price is described as “in the region” of $24 million, while I understand the deal in between the two companies was completed in early March 2020.
Compass Group says the purchase of Feedr will assist accelerate its digital change, and– amidst the coronavirus crisis– form part of its “go back to work” strategy. Particularly, it plans to make use of Feedr’s software throughout its portfolio of business customers in the U.K. and Ireland, with more possible applications of the innovation in education and healthcare sectors.
“Feedr’s mobile buying and pre-pay innovation will allow Compass to change the way people engage with on-site dining establishments, so employees can browse menus, pay and collect more flexibly, enhancing their food at work experience,” discusses Compass Group UK and Ireland.
Released in 2016 by Riya Grover and Lyz Swanton, Feedr pitched itself as a “cloud canteen”. This sees it run a two-sided marketplace that connects healthy food providers with workplace workers at companies, in addition to setting up delivery.
To do this, Feedr publishes a “special rotating menu” every day and asks workers to pick what they wish to consume by 10.30 am. It then swimming pools those orders and sends them to the food suppliers it deals with, which are independent and mostly artisan food producers, to have prepared for shipment at lunch time.
The innovation behind Feedr handles logistics planning, in terms of assisting and forecasting to handle demand for each meal on offer from specific providers. There is likewise a big focus on personalised recommendations based on the choices of individual consumers and their order history. And it’s this element of Feedr’s offering that Compass Group thinks has actually utility when applied to on-site restaurants and canteens, too.
With that said, in addition to embracing Feedr’s technology, Compass says it will also invest in growing Feedr as an independent brand that will continue to operate in the shipment market with its cloud canteen item.
Riya Grover, co-Founder and CEO of Feedr remarks: “We are enjoyed be part of Compass Group and to integrate our ordering, payments and health technology throughout their portfolio. Operating at new levels of scale will enable us to accelerate our product development, and to support our marketplace of restaurant partners with brand-new opportunities.”
Meanwhile, Damien Lane, partner at Episode 1, and early backer of Feedr, includes: “We invested in Feedr due to the fact that we bought in to Riya and Lyz’s vision of using innovation to deliver healthier meal options to the office, and have actually been extremely impressed with the progress made since our investment. I’m sure that Feedr will show to be an extremely successful acquisition for Compass, who will be able to deploy Feedr’s innovation platform into its around the world network and speed up Feedr’s objective of bringing healthy food options to customers and staff members”.
Along with Episode 1, which led Feedr’s ₤ 1.5 million pre-Series A funding in 2018, other financiers consist of Creators Factory, and angel financiers Errol Damelin (Wonga founder and renowned fintech financier), Richard Glynn (former Ladbrokes CEO and founder of Alinsky Partners) and David Pritchard (creator of OpenTable Europe). The company had actually raised ₤ 2.7 million in overall.
Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.