Foodology has been whipping up its restaurant manufacturers in cloud and digital kitchens in Colombia and Mexico since 2019, and with a brand new infusion of capital, hopes to scale that throughout Latin America.
The Bogotá-based firm closed on $15 million in Collection A funding in a spherical led by Andreessen Horowitz and Base Companions. Present buyers Kayyak Ventures and Jaguar Ventures (now Wollef) joined in as did a bunch of angel buyers, together with Instacart president Nilam Ganenthiran, Kavak CEO Carlos Garcia, Ualá CEO Pierpaolo Barbieri, former Burger King Chairman Dick Boyce and Merama CEO Sujay Tyle. Together with the brand new funding, Foodology has raised greater than $20 million.
The corporate was based by CEO Daniela Izquierdo and Juan Guillermo Azuero, who met in a restaurant business course at Harvard Enterprise Faculty. Izquierdo instructed FiratNews that she is an enormous fan of cooking and needed to combine that keenness with a enterprise.
“It’s a dangerous business — individuals go broke, eating places are closing down and it’s capital-intensive to set it up, even a small store,” she added. “We needed to usher in know-how and information to be extra environment friendly and be ready for a digital world, which behind it’s meals supply. Many eating places didn’t change in any respect to serve the supply buyer.”
Azuero added that on the client facet, meals supply is “often simply an OK expertise, not an excellent expertise” and sometimes the meals packaging isn’t the perfect. Foodology is working to alter that, and so they say they’ve constructed a mannequin that permits it to quickly scale authentic and third-party restaurant manufacturers throughout Latin American markets inside weeks and ship meals in a method that may delight clients.
Right here’s the way it works: Foodology collects information on person preferences and cross-references that with close by meals choices in a geographical space to handle the end-to-end creation of authentic dishes with supply.
The corporate usually has seven to 10 manufacturers being made in a single kitchen and performs R&D on the best-sold dishes to be able to create menus with its full crew of cooks, Izquierdo mentioned.
Foodology at present operates 20 kitchens in six cities throughout Colombia and 10 in Mexico and has 60 company staff and over 300 in its kitchens. In Colombia, it’s taking 100,000 orders per 30 days and simply handed a milestone of 1 million orders whole. Izquierdo goals to open one other six kitchens, in addition to use the brand new funding to enter the Brazilian and Peruvian markets subsequent 12 months.
Latin America’s meals service business was forecasted to generate $264 billion in 2020. To maintain up, along with increasing the variety of kitchens, the corporate will use the brand new funding on product improvement because it grows 50% month in income, a tempo the founders see persevering with because it opens extra places in Mexico and enters the brand new markets. Their objective is to assist 500 kitchens sooner or later, Azuero mentioned.
“There are tons of individuals seeking to have digital eating places and types, however only a few have a mannequin at scale within the area,” Izquierdo mentioned. “We’re by far the most important participant doing it in LatAm.”