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Cloud canteen startup Feedr has been acquired by Compass Group for ~$24M



Cloud canteen startup Feedr has been acquired by Compass Group for ~$24M

Feedr, the meals tech startup that delivers personalised meals to workplace employees as a substitute for corporations establishing their very own canteens, has been acquired by Compass Group, the publicly-listed foodservice firm.

The value is described as “within the area” of $24 million, whereas I perceive the the deal between the 2 corporations was accomplished in early March 2020.

Compass Group says the acquisition of Feedr will assist speed up its digital transformation, and — amidst the coronavirus disaster — kind a part of its “return to work” technique. Specifically, it plans to utilise Feedr’s software program throughout its portfolio of company purchasers within the U.Okay. and Ireland, with additional potential purposes of the expertise in schooling and healthcare sectors.

“Feedr’s cell ordering and pre-pay expertise will allow Compass to remodel the way in which folks work together with on-site eating places, so workers can browse menus, pay and acquire extra flexibly, enhancing their meals at work expertise,” explains Compass Group UK and Ireland.

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Launched in 2016 by Riya Grover and Lyz Swanton, Feedr pitched itself as a “cloud canteen”. This sees it function a two-sided market that connects wholesome meals suppliers with workplace employees at corporations, along with arranging supply.

To do that, Feedr publishes a “distinctive rotating menu” each day and asks employees to decide on what they need to eat by 10.30am. It then swimming pools these orders and sends them to the meals suppliers it really works with, that are principally artisan and impartial meals producers, to have prepared for supply at lunch time.

However, the expertise behind Feedr handles logistics planning, by way of predicting and serving to to handle demand for every meal on supply from particular suppliers. There can also be a big emphasis on personalised suggestions based mostly on the preferences of particular person clients and their order historical past. And it’s this facet of Feedr’s providing that Compass Group thinks has utility when utilized to on-site eating places and canteens, too.

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With that mentioned, along with adopting Feedr’s expertise, Compass says it should additionally put money into rising Feedr as an impartial model that can proceed to function within the supply market with its cloud canteen product.

Riya Grover, co-Founder and CEO of Feedr feedback: “We are thrilled to be a part of Compass Group and to combine our ordering, funds and well being expertise throughout their portfolio. Operating at new ranges of scale will enable us to speed up our product innovation, and to assist our market of restaurant companions with new alternatives.”

Meanwhile, Damien Lane, associate at Episode 1, and early backer of Feedr, provides: “We invested in Feedr as a result of we purchased in to Riya and Lyz’s imaginative and prescient of utilizing expertise to ship more healthy meal choices to the office, and have been massively impressed with the progress made since our funding. I’m positive that Feedr will show to be a massively profitable acquisition for Compass, who will have the ability to deploy Feedr’s expertise platform into its worldwide community and speed up Feedr’s mission of bringing wholesome meals selections to shoppers and workers”.

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Alongside Episode 1, which led Feedr’s £1.5 million pre-Series A funding in 2018, different traders embrace Founders Factory, and angel traders Errol Damelin (Wonga founder and famend fintech investor), Richard Glynn (former Ladbrokes CEO and founding father of Alinsky Partners) and David Pritchard (founding father of OpenTable Europe). The firm had raised £2.7 million in whole.

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