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

The Foodbomb team

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’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.

Also Read:

Salesforce Ventures launches $50m fund to invest in Australian startups

Australia’s Equity Venture Partners closes $35m second fund

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.