News

Startup aimed at helping restaurants pay suppliers on single platform

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 $2.5 million in seed funding from angel investors.

October 9, 2014

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 $2.5 million in seed funding from angel investors. According to a news release, those investors include 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.

"We’re tackling a multi-billion dollar problem and addressing a massive pain shared by many restaurant owners and food entrepreneurs," Sourcery CEO Na’ama Moran said in the release. "Sourcing and paying for food should not be this hard."

With its payments and commerce platform, Sourcery aims to streamline the process of searching for, ordering, securing and paying for products. Currently, most transactions in the $220B wholesale foodservice industry are handled offline, the release said.

"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," Lonsdale said.

The company is currently working with restaurants such as La Mar, 'wichcraft, and Hops & Hominy.