fbpx

TRUFFLE RAISES $2.3 MILLION TO COMPETE WITH BIGGER PLAYER IN MARKET.

Edmonton-based restaurant management software provider Truffle has secured an all-equity $2.3 million CAD seed funding round as it attempts to compete with incumbents and bigger players in the space.

The round, which closed in June, was led by Accelerate Fund III, with participation from Sprout.vc and Birchcliff Partners. A spokesperson for Truffle said that the financing also included a combination of existing investors and new private investors, though their names were not disclosed.

Truffle launched during the pandemic and claims to have onboarded 500 customers across Canada in that time.The startup positions itself against established restaurant management tech providers, such as Montréal-based Lightspeed, Toronto’s Touchbistro and Snappy, as well as Jack Dorsey’s Square.

Founded by Omer Choudhary, Truffle offers a point-of-sale system for restaurants. Its platform consists of features such as cloud kitchen management, contactless food pickup, inventory, online ordering, and driver management. Additionally, Truffle also offers self-service table ordering, much like Ottawa-founded Tablz.

Truffle’s latest feature is GoBox, an automated pickup locker that allows for convenient self-serve pickup for customers and third-party deliveries without staff supervision.

Choudhary first started working on a POS system eight years ago called IQ Interactive. He told the Edmonton Taproot that he grew that business to about 450 customers, and that they will be transitioned to Truffle overtime.

Currently, Truffle’s client base includes Canadian breakfast food chain Sunset Grill, as well as Edmonton restaurants Mikado and Northern Chicken.

Truffle said it intends to double its team to about 25 people by the end of the year, with most of the new hires located in Edmonton. The company’s LinkedIn page shows a current headcount of between 11 to 50 people.

According to Arden Tse, investment manager of Accelerate Fund II and III, the investment firm sees Truffle playing a huge role in the transformation of restaurants by using technology to give fewer staff the capacity to do more as “the labour shortage grows tighter over time.”

Truffle seems to be a captivating startup and have potential of growing exponentially. I’m certain this startup would keep on succeeding in its excursion ahead. My best wishes to the entire team of Truffle. This will give them tremendous achievements in the future.

Shishir Gupta, Founder and CEO,

Startuplanes

Don’t keep wondering about funding, you can also raise funds. Learn how to raise funds
here: Yes I want to raise funds.

If you are an emerging startup and are looking for investors to raise funds, StartupLanes has
its own angel network and investment banking services and is connected to angel investors
and VCs in 15 countries that ensure that our member startups have easy access to external
funds to scale up constantly.

You can subscribe to our news posts by entering your email in the box on the right side of
this page.

Check out our YouTube channel for insightful content from the Indian startup
ecosystem.

Or join our Whatsapp group to interact with other founders: Yes, I want to join
the Whatsapp group.

The right investment is key to beating inflation and growing your wealth. Do you wish to
become an angel investor? Yes, I want to be an angel investor.

Are you a startup and facing challenges in your business? Do you want to grow your
business? It is not as difficult as it sounds. Learn how to grow your business here- Yes, I want
to grow my business.

Tags

top