London-based town buttery, that operates AN workplace business platform to form it easier to order in food for workers and company conferences, has raised £1.1 million in new funding. The investment comes from Angel Co Fund, and therefore the London Co Investment fund (both of that square measure part-funded by tax-payer money), and numerous angels and existing investors.
A graduate of retail startup apparatus TrueStart, town buttery says it’ll use the injection of money to consolidate its sturdy position in London and to expand to alternative cities, each within the U.K. et al. in Europe. It additionally plans to take a position in invest in sales, promoting and engineering.
In a call, the startup’s founder and CEO Stuart Sunderland told me that competitors to City Pantry include traditional corporate caterers, sandwich retailers, pizza delivery places, and to a lesser extent, the newer breed of restaurant delivery companies such as Deliveroo and Uber’s UberEATs.
In terms of direct competitors operating a similar office catering platform/marketplace, there’s also Rocket Internet’s CaterWings. However, Sunderland says he’s barely noticed any impact on City Pantry since CaterWings opened doors in London. And besides, he says, the corporate or events-based catering market is huge. Specifically, he cites estimates that the European catering market is worth £48 billion alone.
To that end, City Pantry currently offers two products: a simple per event ordering system for one-off catering, and a “meal plan” subscription service for office managers who have to organise regular staff meetings and company events where food is to be provided.
The food itself is prepared by the catering companies — including independent chefs, restaurants, and street-food vendors — that City Pantry partners with, while the startup itself organises delivery. Sunderland says that the average group size City Pantry is asked to cater for is 34 people.
And should Deliveroo et. al. begin to eat a lot of of the company occupation lunch, town storeroom might invariably expand into different cluster occupation markets, like parties or different recreational and social events. similar to workplace food, its order-ahead-of-time, instead of on-demand delivery, is compatible.