Canadian restaurant supply chain tech company Notch has closed a $10 million round of financing led by Accomplice and BDC, bringing its total funding to date to nearly $20 million. MATH Venture Partners, Golden Ventures, The Yield Lab, Garage Capital, and Plexo Capital also participated, as did several angel investors.
The Toronto-based company wants to use the new funds to bring more restaurants and distributors online when it comes to the food supply chain. Notch’s software, available via either an iOS or Android app, provides a central place for restaurant operators and managers to view and manage all of their suppliers and shipments, create inventory lists, compare prices across different suppliers, and digitize invoicing and bookkeeping, among other tasks.
Restaurant distributors can use the Notch Connect product to set up and run digital storefronts as well as manage invoicing and accept digital payments from restaurants.
Until recently, Notch went by the name ChefHero and focused largely on providing a marketplace to connect buyers and sellers in the restaurant foods supply chain. Largely spurred by the COVID-19 pandemic’s impact on the restaurant industry, the company revamped and rebranded earlier this year to its current name and form.
Notch said today that this financing round will also help it expand its geographic reach to more parts of North America. In addition to Toronto, the company operates in Chicago, Illinois and in Texas.
Back-of-house and back-office companies in general are receiving more funding of late as restaurants look to cut more costs and make their businesses more organized/efficient. Notch’s news today follows recent funding announcements from Zenput ($27 million), Choco ($100 million), and 86 Repairs ($7.3 million).
Notch is also in the midst of developing Notch Pay, which when finished will function as an automated payment and collection tool for both restaurants and distributors. Currently, those tasks are done via Notch Connect.
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