- Notch announced recently that it closed a $10 million round of funding. These are the details.
Notch — the first and only all-in-one software solution to completely digitize wholesale food supply ordering for restaurants and distributors — announced recently that it closed a $10 million round of funding led by Accomplice and BDC with participation from MATH Venture Partners, Golden Ventures, The Yield Lab, Garage Capital and Plexo Capital as well as angel investors Agman, Mark MacLeod, Paul Genier, Shannon Lambert, and Jean Genier.
As restaurants re-open and increasingly plan to eliminate inefficiencies and food waste, Notch is working to fulfill pent-up demand from the pandemic with company sales and revenue increasing by more than 450% since April 2020. And this round of funding will enable the rapidly growing Toronto-based startup to bring the supply chains of even more of North America’s emerging and established restaurant chains and food brands online. It will also fund ongoing innovation, hiring talent, and for continued US expansion.
Notch Pay an automated payment and collection solution for restaurants and distributors is in development. And the platform currently includes Notch Marketplace, relied on by nearly 1,500 restaurants across North America to shop and price compare more than 100,000 wholesale food supply SKUs, invoice, track orders, receive real time inventory updates, and forecast. And hundreds of food distributors are using Notch Connect to digitize their order desks to enable online purchasing and connect with new customers.
Notch currently operates in Chicago, Texas, and Toronto. And they are focused on rapid growth in 2021 with recent talented sales hires from Uber and DoorDash heading up US expansion. The company is going to continue to prioritize talent acquisition with the Notch team nearly doubling in size over the year while also building a company culture that has been recognized as a Great Place to Work.
Plus Notch is helping the foodservice industry bring efficiency to the back of house for franchises and restaurant groups across North America, including Ghost Kitchen Brands — which is currently in the process of opening 70 locations across the US, Dark Matter Coffee, Carnitas Uruapan, Al’s Beef, and SummerHouse Santa Monica, Paramount Fine Foods, Sapsucker, Gusto 54 Group, Banh Mi Boys, and more.
KEY QUOTES:
“The restaurant industry has largely focused on front of house technology when in fact cost savings start with eliminating waste within the wholesale food supply ordering process. Restaurants across North America have come to rely on Notch to solve this problem quickly and seamlessly.”
— Jordan Huck, CEO, Notch
“Notch has identified the pain points in the foodservice supply chain. As the world emerges from the pandemic, Notch is bringing the infrastructure needed to transform how restaurants manage their business to be more efficient and profitable.”
— Lo Toney, Managing Partner, Plexo Capital
“The Covid-19 pandemic has accelerated digital adoption for the foodservice industry, but until now, the digitization of the wholesale supply chain has largely been overlooked. The software platform offered by Notch is a much-needed innovation that restaurants and distributors simply can’t afford not to use to efficiently manage their complex businesses.”
— Jérôme Nycz, Executive Vice President, BDC Capital
“Notch has made our transition to their product easy and seamless, allowing me and my team to focus on opening locations and adding brands with the confidence and knowledge we’ve brought our supply chain online. This product is key to helping us scale from 50 to over 1000 locations in the US next year.”
— Marc Choy, President, Ghost Kitchen Brands
