Today in food commerce, data show that office workers are due for “lunch-flation,” and direct-to-consumer (D2C) food technology startup KoRo raises $55 million in Series B funding. Plus, Tim McLaughlin, CEO of restaurant commerce platform GoTab, talks ResTech consolidation with PYMNTS.
Workers Facing ‘Lunchflation’ As They Return to Their Offices
Square on Wednesday (March 23) released data that shows workers who are returning to their offices after two years at home because of the COVID-19 pandemic will be faced with what’s being called “lunch-flation,” as their midday meals will cost more than when they last visited their favorite joints.
Food Companies See Social Commerce Drop off After Instagram Algorithm Change
Food businesses that have relied on Instagram to build, maintain and grow their followings have been hit hard by recent changes in the social media app’s algorithm. Specifically, businesses that had seen high engagement with a social strategy centered on photography and captions have been left by the wayside as the platform has begun to surface videos and deprioritize still images, The New York Times reported Tuesday (March 22).
D2C FoodTech Startup KoRo Raises €50M to Launch New Products
D2C food technology startup KoRo has raised 50 million euros ($55 million) in a Series B funding round led by HV Capital, with participation from new investors Five Seasons Ventures and Partech. According to a Wednesday (March 23) Tech Funding news report, the fresh capital will be used to expand the company’s suite of products, develop new marketing streams, broaden its workforce and grow its international footprint to Greece and the Czech Republic.
Restaurant Loyalty Holdouts Get on Board as Consumers Expect to Be Rewarded
With consumers having grown accustomed to the ability to earn loyalty points from so many of their favorite brands’ apps, restaurants that do not offer rewards now risk falling behind. This month, a couple of the notable remaining holdouts, CKE Restaurants’ Hardees and Carl’s Jr. brands and Dine Brands’ IHOP brand, both announced new loyalty programs.
ResTech Could Be at the Start of a Wave of Consolidation
“I think there’s going to continue to be consolidation, because there’s, frankly, way too many players out there, too many piecemeal solutions … in the ResTech world, because ultimately no nobody really wants to run a separate software product for every channel that they deal with,” Tim McLaughlin, CEO of restaurant commerce platform GoTab, tells PYMNTS in an interview.
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