Food Tech seems to be the top trending investment of an overwhelming number of big name equity funds over the past couple of months. Over $800M has been pumped into the Food-Tech Industry over the last couple of months (in over 10 different funds) and seems to be growing exponentially with every passing month.
One of the more prominent subjects and hotter headlines is the digital grocery experience. This is not to discount all of the other tech companies that are venturing into other avenues in this field. Same Day Delivery, which the NY Times is calling “a new battleground for e-commerce,” has also been topping tech-company’s conversation. Many of these are searching for the right ingredients to deliver a simple UI as well as a backend that accommodates owners. Same day delivery does not only apply to one particular type of venue in the industry, which makes it even more of a reason to be a hot button.
Mario Batali has even been making it known that he is a huge advocate of the meshing of food and technology. “By strengthening the connection between the farmers and the consumer, technology can help reduce the barrier to entry good products”
A start up from NYC, whom are at the epicenter of ordering in and eating out , have done a soft launch of their product and are having an overwhelming response to their solution to cutting out the middle man. The Fast Bite is designing an owner specific custom mobile app to be made available on Google Play as well as the App Store, for minimal cost. $50 x month to be exact.
The benefits to the owner are countless but to name a few they can keep in constant contact with their customers via push notification and build a database of all of their loyal patrons. They can alleviate a bulk of the hefty commissions paid to third party ordering platform, who seem to have a Mafioso type relationship with these neighborhood diners and dives.
In addition to the invaluable method of communication with their customers, the administrative dashboard is a functional tool to keep track of which items on your menu are doing well and the ones that may be costing you money. Mobile apps are what websites were in the 2000s, but the major difference that resonates is that smartphones are slowly becoming part of the human anatomy and with food being essential for the body, it seems like a match made in heaven.
Food Tech is one of the hottest trending topics on Wall St for a reason, this is a phenomenally growing industry with endless possibilities for new ideas and conveniences. People will continuously turn to the ever-changing field of technology to close the gap not only between their customers but also their vendors. The potential for profitable investments and tech advances are endless. No matter what angle you’re viewing this from the growth of interest and headlines are undeniable.