Foodomarket, the French B2B food marketplace, has announced that it has raised €11 million in Series A funding. The round was led by Alven Capital.
Foodomarket optimizes restaurant purchasing management
Founded in 2018, Foodomarket is a digital marketplace that saves chefs time and money by facilitating the purchasing process. At the click of a button, they have access to a variety of offers from suppliers, wholesalers or direct producers, facilitating the purchasing process, in particular by negotiating prices directly on the platform. Today, Foodomarket has over 3,000 users, including restaurants and catering professionals.
Foodomarket is currently rolling out a solution that will enable restaurants and catering professionals to purchase their food goods at the best possible price. By being able to compare the price and quality of products from multiple vendors in a single location, the solution gives restaurateurs complete control over their supply chain. In turn, consumers benefit from total transparency.
International expansion and mobile application
After a 12-month trial in the UK, which confirmed the market's potential, Foodomarket decided to expand across the Channel and into the United States to accelerate the growth of the marketplace, which is set to revolutionize food service purchasing worldwide.
Rodolphe Menegaux, partner at Alven Capital, comments: "We were extremely impressed by the quality of Foodomarket's business model, and we're delighted to invest in this BtoB marketplace model, which is shaking up and digitalizing the practices of players in this value chain. The depth of the market enables us to envisage building a leading international player and bringing ever greater value to our partners and customers."
Financial due diligence, a crucial step in raising funds
For this transaction, Benjamin Bitton, Julien Solyjan and Faustine Million of 2C Finance's Transaction Services team carried out a financial due diligence, including an analysis of the financial statements with a focus on the main KPIs, and a presentation of the Management's Business Plan to 2026.
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