San Francisco-based food technology company GrubMarket has acquired Funtech Software, a Vancouver-based provider of e-commerce systems and online grocery software solutions. No financial terms were disclosed. GrubMarket this week announced a $145 million Series E financing backed by BlackRock, Liberty Street Funds, Japan Post Capital, Walleye Capital, Celtic House Asia Partners, INP Capital, Pegasus Tech Ventures, RIVC, Gaingels and others.
SAN FRANCISCO, Oct. 21, 2021 /PRNewswire/ — GrubMarket today announced it has completed the acquisition of Vancouver-based Funtech Software, a provider of comprehensive eCommerce systems and online grocery software solutions to both online grocery companies and brick-and-mortar grocery stores, enabling them to manage their business online and reach more consumers. This marks GrubMarket’s first acquisition in Canada, and the formation of GrubMarket’s first overseas software technology R&D center, leveraging the rich software engineering resources in the Vancouver area.
Founded in 2017 by Sam Qi, Funtech designs, develops and supports eCommerce storefronts across platforms, including desktop and mobile websites, as well as mobile applications. It also builds robust backend software systems to manage inventory, orders, pricing, logistics and packing for online orders. Funtech’s customer base includes physical grocery stores and supermarkets in Vancouver and Eastern Canada, as well as online grocery companies in Canada and United States. After the acquisition, the business will continue to be managed by its current leadership team.
“We are excited to join the GrubMarket team and welcome the opportunities brought forth by GrubMarket’s strong network and technology team. We are constantly striving to build the best eCommerce system solutions for our customers. We are thrilled to learn that GrubMarket shares these same goals. We sincerely look forward to joining the GrubMarket team and working together to bring Funtech Software to the next level of success.” said Sam Qi, founder and CEO of Funtech Software.
According to Mike Xu, CEO of GrubMarket: “Funtech Software is a pioneer in building business-to-consumer (B2C) eCommerce software for physical and online grocery stores. With its profitable, cloud-based software platform, it has developed a reliable, fast-growing customer base in both Canada and the U.S. This acquisition marks the start of our expansion into Canada. It also enables GrubMarket to build an elite software engineering R&D center in Vancouver, leveraging the deep software engineering talent pool available there. Moreover, this acquisition supplements our current software offering to power both B2B and B2C activities in the food supply chain industry. We are excited to welcome the Funtech Software team to the GrubMarket family. Together, we will build a greater customer base and stronger eCommerce network in the food ecosystem across the North American continent.”
Funtech’s B2C eCommerce and online grocery software will now be available as part of GrubMarket’s software product line, which already includes the innovative proprietary WholesaleWare software suite, the company’s software-as-a-service platform, which provides food industry wholesalers, distributors, brokers, and suppliers with seamless financial management, easy-to-use sales and online ordering features, precise inventory management, lot traceability and tracking, and automated routing and logistics tools.
Founded in 2014, GrubMarket is a San Francisco-based food technology company operating in the space of food supply chain ecommerce for both business customers and end consumers, as well as providing related software-as-a-service solutions to digitally transform the American food supply chain. Currently, GrubMarket operates in Arizona, California, Connecticut, Georgia, Michigan, New York, New Jersey, Missouri, Massachusetts, Oregon, Pennsylvania, Texas, Washington and British Columbia (Canada), with plans to expand to other parts of the U.S., Canada and other parts of the world.