SAN FRANCISCO--(BUSINESS WIRE)--Sourcery, a San Francisco-based startup that helps restaurants, caterers and corporate kitchens to order and pay for food from local suppliers on a single platform, raised $2.5M in seed funding from angel investors including Palantir co-founder Joe Lonsdale, Yammer CTO Adam Pisoni, David Tisch and Adam Rothenberg of BoxGroup, Postini (acquired by Google) founder Shinya Akamine, and Jeff Epstein ex-CFO of Oracle and board member of The Priceline Group, and the California Endowment.
"We’re tackling a multi-billion dollar problem and addressing a massive pain shared by many restaurant owners and food entrepreneurs," said Na’ama Moran, CEO of Sourcery. "Sourcing and paying for food should not be this hard!"
For many restaurants, the process of securing even basic products is cumbersome. Foodservice is one of the few remaining industries where people still search for products in paper catalogs, submit orders by fax or phone, and deal with paper invoices and checks.
"Foodservice today reminds me of the travel industry in the mid-1990s — big, complex, inefficient, but showing early signs of change," said Jeff Epstein, board member of The Priceline Group. "Sourcery has an opportunity to seize the market in the same way that Kayak and Priceline did."
Currently, most transactions in the $220B wholesale foodservice industry are handled offline. Sourcery's vision is to be the next-generation payments and commerce platform for the foodservice industry. By bringing transparency and efficiency to this market Sourcery's technology is standardizing best industry practices and organizing a goldmine of data in the process.
"Sourcery is solving a real business problem in a highly focused and underserved vertical with massive potential for network effects, and has demonstrated significant early traction," said Joe Lonsdale.
Working with the chefs and kitchens of leading startups such as Palantir, Dropbox and Airbnb, as well as restaurants such as La Mar, 'wichcraft, and Hops & Hominy, Sourcery’s sales have been rapidly increasing month over month. Sourcery is also powering the kitchen for Munchery, one of the fastest growing food delivery startups that has served hundreds of thousands of chef-made meals across the bay.
"When your business is growing so fast, there is no time to lose," said Tri Tran, CEO of Munchery. "Sourcery has made our kitchen team more efficient. In expanding our operation to Seattle, we relied on Sourcery's support. Now Sourcery is handling all our foodservice A/P, saving us time and money."
About Sourcery
Sourcery is developing the next generation Foodservice Payments and Commerce Platform for restaurants, caterers and corporate kitchens of all sizes. With Sourcery’s foodservice expertise, easy-to-use technology and unmatched customer support, professional food businesses trust Sourcery to make their kitchen operations more efficient. With Sourcery, business owners spend less time shuffling paper and balancing payments, and more time delighting their customers.
Sourcery is a privately held company based in San Francisco, California. For more information, please visit www.getsourcery.com.
Keep in touch with Sourcery
- Follow us on Twitter at https://twitter.com/Sourcery
- Read our blog at http://sourcery.us/blog
- Join our LinkedIn community at https://www.linkedin.com/company/sourcery-technologies-inc-