Ordermentum acquires Foodbomb, secures $16 million in funding round
Ordermentum, an online wholesale food and beverage ordering platform, has closed an oversubscribed capital round of $16 million as part of its acquisition of wholesale food supplier Foodbomb.
Ordermentum secured follow-on investments from Matt Rockman, David Gordon and Perennial Private Ventures Fund, and new investments from Microequities Asset Management, Aditum Ventures and Touch Ventures, bringing the company’s total value combined with Foodbomb to over $100 million.
The company said that the 40,000 venues on its platform are the reason for the acquisition as they demand for a one-stop-shop solution to meet their business needs.
“We desperately need new suppliers around the country in fruit and vegetables, meat, poultry, seafood and smallgoods and we have long recognised that these are the verticals where Foodbomb are strong. We believe that this acquisition can accelerate our growth by two years,” said Adam Theobald, CEO at Ordermentum.
The acquisition will add 100 suppliers for venues to choose from and will help Ordermentum in its goal to digitise the food and beverage industry, according to Theobald.
“I have no doubt that the coming together of Ordermentum and Foodbomb will create an unrivalled powerhouse in the wholesale food and beverage industry,” said Paul Tory, CEO at Foodbomb.