Relay Foods, a Rapidly Growing Online Food Marketplace, Raises $8.25 Million
Common Stock Sale Spurs Growth of Sustainable Online Food Company in the Mid-Atlantic
CHARLOTTESVILLE, Va., April 12, 2013 /PRNewswire/ -- Relay Foods, a leading online grocer in the Mid-Atlantic, has raised $8.25 million to expand its service and make other key operational improvements. RelayFoods.com is an online food marketplace featuring an unmatched selection of high-quality sustainable and artisanal foods from hundreds of local producers, combined with a comprehensive grocery offering from leading national brands.
The capital infusion – raised through a common stock-only sale – will enable the company to expand market share in the Washington, DC and Baltimore metro area markets and drive a planned expansion into Williamsburg, Virginia. The company is also using the funds to launch its first dedicated mobile platform, redesign its online marketplace, and make key executive team and development hires. These changes will further enhance Relay's position as a national leader in the rapidly-growing e-commerce segment of grocery retail.
"We are extremely pleased to work with so many top-quality investors to bring our products and service to more customers," said Relay Foods founder and CEO Zach Buckner. "With our rapid expansion in the Mid-Atlantic region, our shift to next-day delivery across all markets, and our aggressive move into mobile, we believe Relay Foods will achieve huge growth throughout 2013 and make a strong positive impact in each of the communities we serve."
Relay's enhanced online platforms for web and mobile will incorporate the company's improved ability to tailor user experience utilizing individual consumer preferences. In an effort to move towards the company's stated goal of 100% food system transparency, the new website and mobile application will also incorporate more robust information about Relay's producer-partners, including detailed product sourcing data and expanded nutritional data. In-depth vendor profiles, one-click recipes, and an innovative browsing experience will all further improve the user interface, giving customers informative and interactive ways to shop and connect with the local food community.
Further, Arnie Katz, Co-Founder and President, noted the impact that additional behind-the-scenes operational changes will have: "Adding over 15 new vehicles to our fleet, dramatically increasing our freezer and cooler capacity, and launching a commercial kitchen operation are all investments that customers cannot see immediately but that will dramatically enhance the overall Relay customer experience. These changes will enable the rollout of new pickup locations, the development of an in-house prepared foods line, and the addition of even more product offerings from local vendors."
Investors who contributed to the $8.25 million round include a mix of forward-thinking market, tech, and social impact investors and investment funds. Relay Foods remains a portfolio company of Battery Ventures and TomorrowVentures.
About Relay Foods
Relay Foods (www.relayfoods.com) is a leading online food retailer in the Mid-Atlantic, currently serving the Washington, DC metro area, Baltimore, MD, and Charlottesville and Richmond, VA. Relay offers a full selection of local and sustainable foods, national brands, and grocery staples from a range of producers, including local farms, food artisans, and national retailers. The company is a certified B-Corp, offering a service that strengthens local food economies and improves the quality of life of each family and individual they serve. Learn more at www.relayfoods.com.
SOURCE Relay Foods
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