Accelerate Fund III invests in Truffle to digitally transform the restaurant industry
Edmonton, AB, July 12, 2022 – Accelerate Fund III today announced its investment into Truffle, an Edmonton-based digital restaurant platform that equips food providers to easily and affordably add delivery and pick-up services without adding staff. This investment is part of Truffle’s seed investment led by Accelerate Fund III, with participation from Sprout.vc and Birchcliff Partners.
The demand for online food ordering has grown since the pandemic, with many restaurants relying on third-party delivery services like Uber Eats, SkipTheDishes and DoorDash. However, their delivery fees have become less appealing to customers over time.
Truffle’s subscription-based cloud software enables restaurant operators and owners to offer online ordering or delivery management without changing their existing point of sale system or losing a cut of revenue to third-party delivery services. Launched during the pandemic, Truffle has already onboarded 500 customers across Canada, from multi-unit enterprises to small local favourites.
“We built Truffle as a hardware-agnostic digital-first platform to help restaurant owners and operators of all sizes to increase profits and own customer loyalty,” explained Omer Choudhary, Truffle CEO and Founder. “We’re thrilled to find right-fit investors, like the Accelerate Fund III, who not only have deep industry knowledge but also align with our vision to digitally transform the restaurant industry.”
With Truffle technology, restaurants retain more revenue and maintain a direct relationship with customers. Truffle’s latest feature is GoBox, an automated pickup locker that offers convenient self-serve pickup for customers and third-party deliveries without requiring staff supervision or disrupting other restaurant operations.
“As a former restaurant owner, I could see that Truffle’s digital platform solved a lot of problems that the incumbent point of sale systems haven’t been able to,” commented Arden Tse, Investment Manager, Accelerate Fund II & III. “We see Truffle playing a huge role in the transformation of restaurants underway, connecting customers directly with kitchens, and using technology to give fewer staff the capacity to do more as the labour shortage grows tighter over time.”
Truffle will use financing proceeds to hire key management positions locally and further expand sales and marketing across Canada and into the US.
Truffle enables restaurants of all sizes to empower their teams, increase profits, and provide a smart dining experience that customers expect, with tools to manage your restaurant in a single platform. Truffle offers restaurants flexible tools to expand into Point of Sale, Online Ordering, Table Side, Delivery Management, Automated Pickup, Table Reservations and Guest Marketing.
About Accelerate Fund III
Accelerate Fund III is an early-stage angel co-investment fund in Alberta. We co-invest alongside angel investors in financing rounds and will typically invest up to $500,000 on the same terms and conditions as private investors. We work with formal angel groups, super-angels, family funds, and individual angel investors. Accelerate Fund III invests in private, early-stage Alberta companies in knowledge-based industries including: information and communications technology, energy technology, as well as life sciences, including agriculture and biotech. Accelerate Fund III is managed by Yaletown Partners with the support of The A100. Alberta Enterprise Corporation is Accelerate Fund III’s lead limited partner with support from other investors, including Opportunity Calgary Investment Fund.
Accelerate Fund III
Claudia @ materialinsight.com