Canadian Grocery Goodfood Accelerate Plans for Highly Automated Facility in Toronto
Goodfood has announced a $30 Million Convertible Debenture Financing to invest in the buildout of a new Toronto e-grocery flagship fulfillment center.
“The capital raised will accelerate Goodfood’s plan to build out a highly automated facility in the Greater Toronto Area, cementing our online grocery leadership with a strong presence in Canada’s largest market. Over the past 5 years, we have executed on an ambitious strategic plan that has led to tremendous growth and penetration across the country. We are now embarking on the next phase of our strategy by raising capital to expand our online grocery operations allowing us to dominate in a market in which we are already a clear leader. The proceeds of the offering will also allow us to continue our efforts in automating our current operations to enable a deeper online grocery offering, build same-day and next-day delivery options for our members and improve our margin profile, another key component of our strategic plan.”
Goodfood is a leading online grocery company in Canada, delivering fresh meal solutions and grocery items that make it easy for members from coast to coast to enjoy delicious meals at home every week. Goodfood’s mission is to make the impossible come true, from farm to kitchen, by enabling members to do their weekly meal planning and grocery shopping in less than 1 minute. Goodfood members get access to a unique selection of products online as well as exclusive pricing made possible by its world class direct to consumer fulfilment ecosystem that cuts out food waste and expensive retail overhead. The Company has its main production facility and administrative offices based in Montreal, Quebec, a second production facility in Calgary, Alberta, a breakfast facility in Montreal, Quebec and is currently building out its new production facility in Vancouver. Goodfood had 230,000 active subscribers as at November 30, 2019.
