TORONTO — Facedrive Inc. has entered into a binding term sheet with Foodora Inc. pursuant to which Facedrive will purchase certain assets of Foodora Canada.
Facedrive is Canada’s first peer-to-peer, eco-friendly and socially responsible ridesharing network and identifies itself as a “people-and-planet first” business. The company has seen viral success with its gig-economy platforms Facedrive Rideshare, Facedrive Marketplace, Facedrive Health and Facedrive Foods.
Facedrive Foods is a recently launched food-delivery network connecting residents to restaurant businesses in the Greater Toronto Area and London, Ont. The platform was created to support residents, businesses and the driver community during the global pandemic.
The transaction is being regarded as an opportunity to support the platform’s expansion plans across Canada. The launch of Facedrive Foods is one of the first steps in Facedrive’s “ecosystem approach” to monetizing its user base by providing socially responsible services and products exclusively for platform users. Each delivery contributes a portion of the fee towards local tree-planting initiatives to help reduce carbon emissions in the atmosphere. Facedrive Foods has also committed to comprising the menu options available for delivery through its app of select healthy, nutritious and sustainably sourced choices offered by like-minded restaurant businesses, with consumers’ wellness in mind.
Through the transaction, Facedrive will gain access to Foodora Canada’s customers, subject to customer consent, as well as 5,500 restaurant partners previously served by Foodora Canada.
The transaction is subject to a number of conditions, including the negotiation of a mutually satisfactory definitive purchase agreement and Court approval and is expected to close within 45 days of May 14.