Funtech provides comprehensive e-commerce systems and online grocery software solutions to both online grocery companies and brick-and-mortar grocery stores.
GrubMarket raised a USD $120 million Series E round last month and is now valued at over $1 billion.
This marks GrubMarket’s first acquisition in Canada, and the formation of GrubMarket’s first overseas software technology R&D center, leveraging Vancouver’s rich software engineering resources.
“We are still the first mover in this space. No one else is doing consolidation on the supply chain side as we are,” Mike Xu, GrubMarket’s founder and CEO, told TechCrunch last month.
“We are trying to consolidate the American food supply chain through software technologies, while also trying to find the best solutions in this space.”
Funtech was founded in 2017 by Sam Qi. Funtech’s customer base includes physical grocery stores and supermarkets in Vancouver and Eastern Canada, as well as online grocery companies in Canada and United States.
“We are excited to join the GrubMarket team and welcome the opportunities brought forth by GrubMarket’s strong network and technology team. We are constantly striving to build the best eCommerce system solutions for our customers,” said Qi regarding the acquisition.
According to Xu, the Funtech acquisition marks the start of their expansion into Canada and enables GrubMarket to build an elite software engineering R&D center in Vancouver.
Funtech’s B2C ecommerce and online grocery software will now be available as part of GrubMarket’s software product line, which already includes the innovative proprietary WholesaleWare software suite, the company’s software-as-a-service platform.