Fast-growing Foodsby, with 150 employees, is moving Downtown.
Fast-growing Foodsby headed to Downtown Mpls HQ
Foodsby, which is doubling revenue annually, plans to move into a downtown building that will allow it to expand from 150 to up to 350 employees.
July 11, 2019 at 6:31PM
CEO Ben Cattoor said Foodsby has vacated 7,000 square feet on Broadway St. N.E. and relocated to 16,000 square feet of interim space in the Baker Building at 705 Marquette Av.
It will move to 34,000 square feet of renovated space on Baker's third floor by the end of the year.
Foodsby, which will have room for 200 workers, has raised $22 million in venture capital and private equity funds in recent years.
"The majority of our people are in sales," said Cattoor. "There also are people downtown in technology, marketing, operations and finance."
Cattoor, 35, who worked in operations at CHS, the farm-supply business, formed Foodsby after determining that restaurants could increase revenue through a delivery service that centralizes orders and efficiently arranges multiple meal deliveries to the same buildings at prescribed times.
No more delivery cars bringing one order at a time to office buildings.
"You must get your order in by 10:30 a.m., through our app and website, paying with a credit card," Cattoor said. "Lunch for less than $14. And Foodsby gets $1.99 per delivery. That fee becomes our revenue. Foodsby charges less than 10 percent per delivery. The restaurants, which deliver the food, get incremental business.
"No additional fees or tips."
Foodsby's national partners include Noodles, TGI Fridays, Buffalo Wild Wings, Schlotzky's, On the Border and local restaurants in 18 metro markets.
"We've experienced substantial growth in revenue and team size over the past few years," Cattoor said. "The move to the Baker Center and the launch of 'Foodsby Meetings' will allow us to continue doing what we do best: building a world-class team, making delivery profitable and sustainable for restaurants and bringing a better, more affordable lunch experience to people in office buildings everywhere."
Foodsby just launched Foodsby Meetings, a new product that makes it easy for office professionals to schedule and order lunch as a group.
Foodsby has processed $150 million-plus in gross sales since 2016; half of it last year.
The company declined to project 2019 revenue, other than to say it expects to double revenue this year over last year.
The suits accuse the state of “arbitrarily” rejecting applications for preapproval for a cannabis business license.
