Upstock ·8 June 2022·1 outlet
Upstock raised $5 million and made its case on supermarket competition
A $5 million raise came with Upstock's argument that its wholesale ordering data could help the government take on the supermarket duopoly. Cafes, bars, restaurants and grocers use the app to place and track orders with all of their suppliers at negotiated prices.
We backed Upstock because hospitality wholesale ordering is large, repetitive and almost entirely manual, which makes it a strong fit for a marketplace that both sides use every day. The order data that accumulates as a by-product is worth something on its own once enough of the market runs through it. Hospitality operators are under real cost and labor pressure, and the timing favors a tool that takes admin out of daily reordering.
- Company
- Upstock, www.upstock.app
- First reported
- 8 June 2022
- Outlets
- NZ Herald
Who covered it
- Upstock raises $5m, says it could help Government bust supermarket duopolyNZ Herald, 8 June 2022
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