We have a series of big announcements, perfectly summarised in coverage in the Herald.
→ Investors doubled down on Upstock, increasing total funding to over $13m
→ Upstock now connects to Woolworths to help suppliers manage supermarket logistics & increase sales
→ Upstock now supports B2B payments
Upstock has already transformed the foodservice industry and we're really just getting warmed up – we've got so much more innovation coming to market this year. Thanks to all our customers for coming on this journey with us.
From the article:
Upstock has raised a further $3.4 million for its wholesale food and beverage platform - and inked a deal with Woolworths its founder says will help small suppliers navigate the cut-throat world of supermarket stocking.
In a third development, Upstock is now supporting credit card payments for its food service, hospitality and grocery sectors. It says the move is “extremely rare” for its business-to-business market, which has traditionally invoice-based, with the attendant hassle of credit checks and bad-debt chasing.
The round was led by Possible Ventures, a Melbourne and Munich-based venture capital firm, which doubled its investment from the previous round. Possible Ventures general partners Chris Hitchen said: “We’ve doubled down on our investment in Upstock and their next-gen platform that’s set to transform operations for countless hospitality, grocery, and retail businesses across the globe. Upstock’s software eradicates inefficiencies in ordering and logistics, creating network effects that deliver unmatched benefits to businesses and their suppliers.”