London-based smart grocery assistant Lollipop is the latest example of the FoodTech industry’s rise to power after securing nearly $6.2 million in a seed funding round, according to an announcement on Tuesday May 10, Tech Funding News reported.
Octopus Ventures led Lollipop’s fundraising effort, which also included participation from new investors Maki VC, Anterra Capital and Plug and Play and previous investors JamJar and Speedinvest, according to the report. Lollipop also went through a pre-seed investment round last year.
Lollipop will use the new capital to develop its product, which is in beta stage. The company says its business assistant helps with meal planning, shopping and cooking.
“Shopping and feeding the family is hard enough,” said Lollipop founder Tom Foster-Carter. “As the cost of living increases, it becomes increasingly difficult for overwhelmed parents to try to eat healthy, live sustainably and stick to a budget.
“Tracking your family’s nutritional intake and what’s left in your cupboards should be as easy as tracking your money on Monzo,” he said, referring to the company he was a director of. exploitation.
Lollipop, the company said, is the first holistic approach to grocery shopping, with support at every stage, such as providing mealtime inspiration, meeting health goals and supporting the kitchen.
Lollipop has teamed up with BBC Good Food, Sainsbury’s and other partners to help families plan meals, shop quickly and cook. It allows shoppers to add recipes, create custom meals, and import external recipes into their carts. Customers can also create custom smart playlists.
Related: Yandex Fast Grocery Delivery Business Exploring Options in Europe
In April, Russian internet company Yandex and its fast grocery unit Yango Deli Delivery will wind down operations in France. The company is also considering selling its UK division, sources told the online news agency.
Yango Deli is one of a handful of companies offering consumers groceries in minutes. The company estimates that customer retention in London is 40%, around 1.5 times higher than the market average. The average active user places 4.2 orders per month, which is about double the market average.
Increased competition has led to consolidation in the ultra-fast grocery delivery sector, including German fast-commerce startup Gorillas closing its first acquisition deal for French delivery startup Frichti.