Foodio, a Charlottesville, VA technology company providing custom online ordering solutions for restaurants, has announced it has raised $585,000 in a Series Seed funding round led by Jaffray Woodriff. The funds will be used to continue to grow the number of restaurants served, expand the team, enter new markets, and continue to enhance the product technology.
The company was founded in 2011 by then University of Virginia students, born at HackCville and incubated at the i.Lab@UVA. The company was previously self-funded. Following several years of product development and testing, Foodio pursued sales expansion beginning in early 2015 and the company has since experienced monthly growth of 21% to serve over 300 restaurants in New York and the Mid-Atlantic.
Founder & CEO Rory Stolzenberg commented, “We’ve spent a lot of time building a product our restaurants love and we couldn’t ask for a better investor. They were our first choice and our first meeting. We’re humbled by their backing and eager to prove them right by driving more revenue to our restaurant clients.”
Foodio is dedicated to leveling the technology playing field for independent restaurants and small chains. Foodio uses a restaurant’s own brand and website, helping them gain independence from aggregators, like GrubhubSeamless, and compete against national chains by delivering a streamlined customer experience without sending loyal customers to a third party marketplace.