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Minneapolis-Based Office Catering Company Foodsby Raises Over $13M

An increasing number of companies offer their employees catered lunches. And it鈥檚 not just a trend among companies on the coasts鈥攃atering companies have popped up all over the country.

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And that includes Minneapolis, which counts office lunch catering and delivery company among its ranks of rapidly growing companies. According to filed with the SEC today, the company is almost finished raising $13.75 million in what is likely a Series B round.

According to 附近上门 data, Foodsby has raised $6.9 million to date across . The most recent round was announced in March 2017. Foodsby鈥檚 include Greycroft, Corazon Capital, Rally Ventures, and Come Up Capital, according to 附近上门 data.

Today鈥檚 SEC filing said that five investors committed capital to the funding round, but the filing doesn鈥檛 specify who the investors are. Sometimes, it鈥檚 possible to tell which investors were involved based on changes to the company鈥檚 board of directors.

Here are the executive and non-executive directors on Foodsby鈥檚 board, as listed on the regulatory filing:

  • , a co-founder and the present of the company.
  • Kevin Cattoor, Foodsby鈥檚 chief financial officer.
  • , most recently the founder of , has been a member of Foodsby鈥檚 board since early 2015.
  • , an entrepreneur and investor at Greycroft, which led Foodsby鈥檚 and co-led its Series A round.
  • , a serial entrepreneur who serves as a director at . Between 2014 and June 2018, he was the co-founder and chairperson of , which was for an as-yet undisclosed sum. He was previously the founding CEO of (, net of cash) and Xiotech (now called ), which Seagate for $360 million.
  • , a partner at , which invested in Foodsby鈥檚 Series A round.
  • Theodore Christianson, Minneapolis-based managing director and group head of Piper Jaffray鈥檚 capital advisory group

The representatives from Piper Jaffray and Jeffrey Hinck of Rally Ventures weren鈥檛 listed on the filing for Foodsby鈥檚 Series A. It should be noted that, sometimes, filings don鈥檛 reflect the current state of a company鈥檚 board at the time of filing.

The market for catered office lunches is potentially huge, and the market remains largely fragmented by city and region.

There aren鈥檛 many startups in this particular market, but they continue to raise funding from venture investors. For example, in May 2018, San Francisco-based raised $12 million in . In January, Toronto-based raised .

There hasn鈥檛 been much in the way of catering startup consolidation either, at least not yet. Zesty, a San Francisco-based office catering company which in venture capital, for an undisclosed sum. Zesty was rolled up with , another food delivery app Square acquired for $90 million in 2014. The only recent acquisition in the catering market was Boston-based this past July.

With the exception of ezCater, which raised $100 million in June 2018, U.S. catering startups haven’t raised many of the king-making supergiant, $100M or more VC rounds so common in other sectors.

That monarchical ruler of this particular market has yet to be crowned.

附近上门 News reached out to Foodsby and did not receive comment prior to publication.

This post has been updated to reflect the fact that one catering company has raised a supergiant round.

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