Toronto-based Notch, a company that has created a software offering that digitizes wholesale food supply ordering for restaurants and distributors, today closed a US$10 million round of financing led by Accomplice and BDC.
Also participating are 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.
“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,” said company CEO Jordan Huck. “Restaurants across North America have come to rely on Notch to solve this problem quickly and seamlessly.”
As restaurants re-open and increasingly look to eliminate inefficiencies and food waste, Notch said in a release it is working to fulfill pent up demand from the pandemic with company sales and revenue increasing by more than 450% since April 2020.
The capital, a release said, will be used 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, be used to attract and retain world class talent and for continued US expansion.
The platform currently consists of Notch Marketplace, which the company said is used by an estimated 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.
In addition, Notch Pay, an automated payment and collection offering for restaurants and distributors is now in development.
“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,” said Jérôme Nycz, executive vice president at BDC Capital.
“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.”
Lo Toney, managing partner at Plexo Capital said the company 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.”
