Portfolio Synergy: GrubMarket makes strategic investment in omnichannel payment solution company IOT Pay
GrubMarket makes strategic investment in omnichannel payment solution company IOT Pay to enhance GrubMarket's payment experience, and accelerate the evolution of the food supply chain ecosystem powered and digitized by GrubMarket eCommerce platform and software technology
SAN FRANCISCO, April 29, 2021 /PRNewswire/ -- GrubMarket today announced it led the Series A funding in IOT Pay, a provider of omnichannel payment solution, enabling merchants to accept omnichannel payment (in-store and online) on a global scale. Used by over 4,000 merchants in North America, IOT Pay offers payment solutions for in a variety of industries and across borders at more attractive cost than other payment solutions.
GrubMarket plans to offer IOT Pay's solution as part of its ecommerce and WholesaleWare software products. GrubMarket's proprietary WholesaleWare software suite is a Software-as-a-Service platform providing food industry suppliers and vendors with seamless financial management, easy-to-use online ordering and sales, precise inventory management, and engaging CRM tools. Genevieve Wang, GrubMarket's Chief Software Officer, will join IOT Pay's board as part of the transaction.
GrubMarket plans to help both customers and the company's bottom line by speeding up the payment process. "This investment will allow us to offer our communities new tools and added flexibility to reduce transaction friction and do more business with our customers, producers and logistics partners. We look forward to bringing more value to our stakeholders, our suppliers and our customers." said Mike Xu, CEO of GrubMarket.
"We are thrilled to join the GrubMarket network and expand our reach to their ecosystem. GrubMarket's technology brings industry-leading tools for the American food supply chain. This partnership allows us to collaborate and offer a more comprehensive suite of products and services to GrubMarket's constituencies." said Leo Chen, CEO of IOT Pay.
Founded in 2014, GrubMarket is a San Francisco-based food technology startup operating in the space of food ecommerce both B2B & B2C as well as providing related software-as-a-service solutions to solve inefficiencies in the American food supply chain. Currently, GrubMarket operates in California, Washington, Texas, Michigan, New York and Massachusetts, with plans to expand to other parts of the country.