NEW YORK, April 30, 2020 /PRNewswire/ -- Foodie Card announces the completion of a $1.5M funding round, led by Ruttenberg Gordon Investments with participation from Gary Vaynerchuk, Ryan Harwood of Gallery Media Group, Jamie Schweid of Schweid & Sons, Eric Sobotka of Durational Capital Management and Nat Brogadir of Delivery.com.
Founded in 2018 by Ryan Alovis and Neil Foster, Foodie Card is a dining subscription company that allows its members to save 10% at participating restaurants while helping those in need. Foodie Card, often referred to as the "Warby Parker" of eating out for its socially conscious business model built around their "Buy A Card, Give A Meal" program which donates a day of meals to those less fortunate for every card purchased.
"We've been mission focused since inception on saving our members money, driving traffic to local restaurants, and helping feed the community," said Foodie Card CEO Jared Katz. "Given the uncertain times, our mission has never been more important, and we're thrilled to have the resources to expand our model throughout the country."
Investors clearly see something worth biting into as Foodie Card has ballooned to over 10,000 members, with almost 1,000 participating restaurants, and to date has donated over 20,000 meals to those less fortunate. The company commands impressive customer stats with 93% being more inclined to try a restaurant if they accepted Foodie Card, and 99% planning on recommending the product to a friend. To better serve the members, restaurants and community during the COVID-19 pandemic, the company which was originally created to drive dine-in traffic, quickly partnered with restaurant partners to offer the discount on takeout as well.
This round of funding will be used to hire staff, partner with additional food banks, grow the restaurant partner network, enhance technology and drive marketing initiatives for national expansion.
Foodie Card is a fast-growing socially conscience subscription-based business that aims to challenge the longstanding reservation platforms that have historically offered unfavorable terms to restaurants and disrupt the dated legacy loyalty programs that haven't evolved with the times. The company allows its members to save 10% off at participating restaurants, while helping feed those in need through its "Buy A Card, Give A Meal" program. Since inception, Foodie Card has donated roughly 20,000 meals to those less fortunate.