USA: $25.6 Million in First Closing of Mezzanine Round Financing Raised by Foodservice E-business Leader, Instill
Instill Corporation, a leading provider of e-business services for the $376 billion foodservice industry, today announced it has raised $25.6 million in the first closing on its mezzanine round of financing, bringing Instill's total financing raised to date to $71.8 million. A premier group of institutional investors and partners participated in this round, including lead investor Octane Capital Management and Instill customers Procter & Gamble and Applebee's International, Inc. Additional investors were also part of the mix, including existing investors Altos Ventures, Charles River Ventures, Chase Capital Partners, Ohio Partners, Piper Jaffray Ventures, and The Mayfield Fund. Instill will use the additional funds to enhance working capital and for strategic initiatives, including fueling additional sales growth and marketing efforts, and continuing expansion of services that address the needs of the entire foodservice supply chain. Emeric J. McDonald, co-founder of Octane Capital Management said, "Instill's efforts to date have made them a leader in the foodservice industry's fundamental shift toward e-business. With their strong executive and operational teams, Instill is exceptionally well positioned to deliver innovative solutions that will have a powerful impact on this important industry." Steve Lumpkin, executive vice president of strategic development and leader of Applebee's e-business strategy, agrees. "Because of Instill's longstanding work and knowledge of the foodservice industry, and its strong potential for additional future growth and impact, we felt it was important to support Instill's strategic direction in order to achieve their objectives and ours," said Lumpkin. "Also, we look forward to benefiting from Instill's domain expertise and value-added business solutions which will help us improve efficiency and effectiveness in our business applications."
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