TORONTO — Notch, a software provider for the wholesale foodservice industry, has raised $10 million USD to help hospitality businesses digitize their operations. The investment was led by Portage, with participation from Golden Ventures, Math Ventures, Accomplice, Pre-Cursor Ventures, Garage Capital and Plexo Capital.
In Q1 of 2023, Notch will be releasing its AP manager solution to help restaurants move all of their supply-chain payments online. Restaurants across North America can move off of cash and cheque and seamlessly pay their vendors through the Notch platform.
In late 2022, Notch rolled out an Accounts Receivable solution for wholesale distributors, automating collections and bringing payments online for distributors across North America. The company has seen an 800 per cent year-over-year growth with this product.
As part of this round, the company also underwent a re-structuring of its team, hiring new heads of Marketing, Operations and Sales to focus on its new product offerings. As part of the financing, Ricky Lai, partner at Portage, will be joining the Board of Directors at Notch.
“I would advocate for this technology to anyone in our industry who is still putting pen to paper. While we still do business the old-fashioned way, we’re using technology to help us do our jobs quicker and less administratively. Notch has freed up an unbelievable amount of time,” says Stacey Weisberg, president of The Butcher Shoppe.
“Notch brings simplicity and speed to the back office operations for an industry historically encumbered with lots of manual reconciliations, paper documents, and mismatches between operations and finance. We are super excited to partner with Jordan and his team on this journey,” says Lai.
“It has not been an easy road for Notch, but I’m very proud of the resiliency of this team,” says Jordan Huck, CEO of Notch. “We could not be more excited to be partnering with Portage for this next stage of growth at Notch. As our team continues to unlock digital payments and financial solutions for the foodservice industry, which has been predominantly offline, Portage’s belief that B2B commerce is coming online aligns perfectly with our own.”
