Stellenbosch-based startup Quench has secured an undisclosed amount of funding from local venture capital firm, Imvelo Ventures, founded by Capitec Bank and Empowerment Capital Investment Partners.
Quench receives undisclosed investment funding
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Anton Baumann, Executive Director at Empowerment Capital and Imvelo Ventures, provides insight into why the VC has decided to back this SA-born startup.
“We believe that Quench offers our corporate partners an attractive investment opportunity which also drives inclusive growth in the South African economy through offering a solution that addresses current problems faced by consumers and society, challenging the status quo.”
Quench
Founded in 2016, the on-demand delivery app provides a delivery service to locals offering groceries, alcohol, and other essential items.
The startup has thrived under the pressures of Covid-19 as it transformed its offering to extend a much-needed contactless service for locals to include Woolworths food, restaurant meals, and most recently Dis-Chem products.
Liam McCreedy, founder of Quench explains that the local market is ‘thirsty’ for an on-demand effective delivery service given the growing conditions of the pandemic.
“Consumers want retailers to anticipate their needs and adapt swiftly to offer quality and convenience with outstanding customer service. In addition, the lockdown together with digital advancement has disrupted the business models and retail eco-system of many businesses, escalating the demand for innovative solutions to stay relevant in the market. To this end, we have expanded our business in offering retailers access to an online market platform with distribution and customer engagement capabilities as a solution for retaining and attracting customers, understanding consumer needs, building loyalty, and enhancing customer service.”
The funding will be used to ensure growth in relations with the app’s current retail partners such as Woolworths, Dis-chem, and Ultra Liquor. In addition, the startup aims to expand its delivery footprint through Mr Yum South Africa.
Overall the startup will use the funding to expand its delivery offering across industries, offering more products to its users.
According to reports by Quench, the startup will be launching a fully integrated back-end system with a new consumer-facing app in the form of the ‘Quench Marketplace’. This new app will be a B2C channel created to empower suppliers, manufacturers, wine farms, product fams, and others to sell, advertise and distribute off Quench’s infrastructure to reach customers directly. This new addition to the startup’s current offering plans to launch in April 2021.
Dr Werner Roux, CEO of Quench offers his closing thoughts on the investment secured.
“The positive and secure investment behind Quench by like-minded and market leaders is encouraging. The company has experienced unprecedented growth over the past 18 months and we are excited about what the future will hold.”
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Featured image: Liam McCreedy, founder of Quench (Supplied)
