<article>Wholesale food marketplace Foodbomb has raised A$1.4 million ($994,280) in a round led by EVP Fund II, an investment vehicle of Sydney-based venture capital (VC) firm Equity Venture Partners (EVP), according to an announcement.</article>

Wholesale food marketplace Foodbomb has raised A$1.4 million ($994,280) in a round led by EVP Fund II, an investment vehicle of Sydney-based venture capital (VC) firm Equity Venture Partners (EVP), according to an announcement.
The funding raised will help the startup strengthen its product and development team and ramp up its market share in Australia’s $40-billion hospitality industry.
Following the investment, Justin Lipman of EVP II will join the Foodbomb board. “Food and hospitality represent one of Australia&#8217;s truly significant sectors,” said Lipman. This marks the fifth investment by EVP Fund II.
Founded in 2017 by Paul Tory, who has over 20 years experience in the wholesale business, Foodbomb is a procurement platform that solves problems for buyers and suppliers.
Foodbomb currently aggregates over 50 food suppliers into a one-stop shop. There are currently over 250 Sydney metro restaurants, cafes, pubs, clubs, caterers and clubs ordering off the platform, accounting for 2000 transactions worth $500,000 per month.
“We spent a lot of time with food service operators within the space to understand how technology can help improve margins, drive efficiencies across day-to-day activity and ultimately replace traditional pen and paper-based practices,” said Lipman. “Foodbomb is well placed to become a key component of the requisite technology stack all food service operators utilise.”
EVP is an early-stage venture firm focused on growing technology businesses. Its first fund, Microequities Venture Capital Fund, had a corpus of $25 million and was a joint venture between Microequities Ltd and EVP.
Recently, EVP closed its $35-million second fund targeting early-stage B2B software companies in Australia.
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The funding will help the startup strengthen its product and development team and ramp up its market share in Australia’s $40-billion hospitality industry.

Australia’s Equity Venture Partners invests nearly $1m in Foodbomb

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Australia’s Equity Venture Partners invests nearly $1m in Foodbomb

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