FreshSpoke raises £0.6m in a seed round to scale its local food distribution platform.
The seed round was backed by angel investors and led by members of the Georgian Angel Network and SOSV.
≈ £452K at $1 = £0.8226 on 5 Aug 2019
FreshSpoke operates a wholesale local food software platform that connects buyers with regional suppliers and utilises spare commercial delivery capacity.
FreshSpoke has secured £0.6m in a seed round to expand its team and scale distribution capabilities. The investment was backed by a syndicate including the Georgian Angel Network, CBA Catalysts of Brampton, and SOSV, alongside a group of prominent angels.
The company uses existing commercial delivery capacity to transport wholesale food, aiming to reduce road traffic and lower distribution costs for local producers. The new capital will support increased customer demand and further development of its shared delivery infrastructure.
FreshSpoke currently serves over 200 suppliers and 500 wholesale buyers across parts of Canada and the United States. Founders Marcia Woods and Henry Quach plan to target further regional expansion following this raise.
From the founder
"Instead of putting more trucks on the road, we're tapping into the what already exists and goes largely unused"
Marcia Woods
CEO at FreshSpoke
Investor perspective
"Freshspoke's continues to show itself as a leader in wholesale local food distribution,"
Shawn Broderick
General Partner, SOSV
Use of funds
- 01Grow the team
- 02Expand into international markets
- 03Continue product development
Investors
Categories
About the company
FreshSpoke
FreshSpoke provides a B2B logistics platform for wholesale local food distribution.