London-based smart grocery shopping assistant Lollipop is the latest example of the surge in the FoodTech industry after it secured almost $6.2 million in a seed funding round, according to an announcement 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, the report said. Lollipop also ran through a pre-seed investment round last year.
Lollipop will use the fresh capital to build out its product, which is in the beta stage. The company says its shopping assistant helps with meal planning, shopping and cooking.
“Getting the shop done and the family fed is already tough,” said Lollipop founder Tom Foster-Carter. “As living costs rise, it is only getting harder for overwhelmed parents trying to eat healthily, live sustainably and stick to a budget.
“Tracking your family’s nutritional intake and what’s left to use up in your cupboards should be as effortless as tracking your money on Monzo,” he said, referring to the company for which he was COO.
Lollipop, the company said, is the first holistic approach taken toward grocery shopping, with support at every stage, such as providing meal inspiration, achieving health goals and supporting the kitchen.
Lollipop has partnered BBC Good Food, Sainsbury’s and other partners to help families plan meals, shop quickly and cook. It allows shoppers to add recipes, build custom meals and import external recipes to their baskets. Customers can also create personalized intelligent playlists.
Related: Yandex Fast Grocery Delivery Business Exploring Options in Europe
In April, Russia-based internet company Yandex and its fast grocery unit Yango Deli delivery will end its operations in France. The company is also exploring the sale of its United Kingdom division, sources told the online news organization.
Yango Deli is among a handful companies offering consumers grocery items in minutes. The company estimates that customer retention in London is 40%, about 1.5 times higher than the market average. The average active user makes 4.2 orders per month, which is around twice the market mean.
Increased competition has led to consolidation in the ultrafast grocery delivery sector, including German quick-commerce startup Gorillas closing its first acquisition deal for French delivery startup Frichti.
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