USA – Global manufacturer and supplier of packaging and disposables for the food service industry, SupplyCaddy has raised US$3.2 million in seed funding to expand operations.
The latest funding round was led by CEAS Investments, with the proceeds to be used to expand SupplyCaddy’s resources and drive incremental growth across innovative product development and global infrastructure.
Bradley Saveth, Co-Founder, president and CMO of SupplyCaddy said: “We are grateful to CEAS for their investment in SupplyCaddy, and their belief in our mission to disrupt the current programmatic packaging industry.”
In addition, the investment will be used to expand the company’s distribution channels, make key changes to its executive team and further R&D in future product offerings, notes the company.
“In addition, we will expand on our tech stack to further streamline our logistics, allowing for overall cost reductions to our customers and increased profitability,” said Saveth.
“As far as innovation, we are always searching for new raw materials to uphold our commitment to sustainability.
“We have identified several new materials, from unique plant fibers to bioplastics, that we will be bringing to market over the next year.”
According to figures quoted by SupplyCaddy from Mordor Intelligence, the food service packaging market is expected to reach US$148.25 billion by 2027, and the raised funds will allow SupplyCaddy to keep up with the growing market.
SupplyCaddy’s ability to source and manufacture in Europe, coupled with the founders’ direct involvement with every client, allow for a more efficient process unhindered by historically long lead times and bureaucratic procedures.
This has allowed the fast-growing startup to attract some of the world’s largest corporations and publicly traded companies.
Since its launch in 2020, SupplyCaddy has successfully delivered over 200 million products to clients across the globe, including Carl’s Jr., Hardee’s, Tijuana Flats, Cinnabon, Auntie Anne’s, Huey Magoo’s, Hart House, and Popeyes, one of the world’s largest quick service restaurant chicken concepts with over 2,900 locations.
The company doubled its growth from 2021 to 2022 and is on track to triple its revenue in 2023.
“In a short time, SupplyCaddy has rapidly emerged as a leader in the manufacturing industry,” said Mike Wohl, Chief Investment Officer of CEAS Investments.
“Their speed-to-market, ability to produce high-quality and sustainable products coupled with their emphasis on customer service, have given restaurants and foodservice businesses a better, faster, more efficient option.”
With a global headquarters in Miami, Florida and manufacturing facilities in North America and Europe, SupplyCaddy is able to provide high-quality, affordable products for restaurants, chains, and foodservice brands globally.
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