Forage Raises $40 Million in Series B Round
Forage, a San Francisco-based company that facilitates SNAP EBT acceptance for grocers, convenience retailers, and delivery apps, has successfully raised $40 million in a Series B funding round. This round was led by Mouro Capital, with participation from several notable investors including Nyca Partners, PayPal Ventures, Long Journey Ventures, Intuit Ventures, NextLadder Ventures, Pivotal Ventures, and FJ Labs.
Company Vision and Leadership
Forage, co-founded by CEO Ofek Lavian and CTO Victor Esteban Fimbres, aims to unlock new revenue streams for retailers while helping 42 million shoppers save on groceries through the acceptance of SNAP EBT payments both online and in-store. The company’s innovative approach addresses a significant gap in the market by enabling retailers to tap into the purchasing power of SNAP beneficiaries, thereby broadening their customer base and increasing sales.
Strategic Use of Funds
The newly acquired funds are expected to be utilized to expand Forage's product offerings and enhance its technological capabilities. While specific plans were not detailed, such funding typically supports scaling operations, hiring new talent, and possibly broadening the company's market reach. This infusion of capital will likely accelerate Forage's efforts to integrate its solutions with more retailers and delivery platforms.
Investor Confidence
The participation of a diverse group of investors underscores the confidence in Forage's business model and its potential to transform the retail payment landscape. Lead investor Mouro Capital's involvement highlights a strategic interest in fintech solutions that bridge gaps in financial accessibility and inclusion.
Forage's latest funding round marks a significant milestone in its journey to revolutionize how retailers interact with SNAP beneficiaries, promising to make nutritious food more accessible to millions of Americans while driving business growth for retailers.