Relay Foods, A Rapidly Growing Online Food Marketplace, Raises $8.25 Million
CHARLOTTESVILLE, Va., April 12, 2013 /PRNewswire/ -- Relay Foods, a leading online grocer in the Mid-Atlantic, has raised $8.25 million to expand its service and make other key operational improvements. RelayFoods.com is an online food marketplace featuring an unmatched selection of high-quality sustainable and artisanal foods from hundreds of local producers, combined with a comprehensive grocery offering from leading national brands.
The capital infusion – raised through a common stock-only sale – will enable the company to expand market share in the Washington, DC and Baltimore metro area markets and drive a planned expansion into Williamsburg, Virginia. The company is also using the funds to launch its first dedicated mobile platform, redesign its online marketplace, and make key executive team and development hires. These changes will further enhance Relay's position as a national leader in the rapidly-growing e-commerce segment of grocery retail.
"We are extremely pleased to work with so many top-quality investors to bring our products and service to more customers," said Relay Foods founder and CEO Zach Buckner. "With our rapid expansion in the Mid-Atlantic region, our shift to next-day delivery across all markets, and our aggressive move into mobile, we believe Relay Foods will achieve huge growth throughout 2013 and make a strong positive impact in each of the communities we serve."
Relay's enhanced online platforms for web and mobile will incorporate the company's improved ability to tailor user experience utilizing individual consumer preferences. In an effort to move towards the company's stated goal of 100% food system transparency, the new website and mobile application will also incorporate more robust information about Relay's producer-partners, including detailed product sourcing data and expanded nutritional data. In-depth vendor profiles, one-click recipes, and an innovative browsing experience will all further improve the user interface, giving customers informative and interactive ways to shop and connect with the local food community.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts