Insider Brief
- Pepper closed a $30 million Series B funding round led by ICONIQ Growth, with continued support from existing investors.
- The funds will advance product innovation, focusing on eCommerce, CRM tools, generative AI, product content, and analytics.
- Richa Mehta from ICONIQ Growth will join Pepper’s board, supporting its vision as a leading technology partner in the food distribution industry.
PRESS RELEASE — NEW YORK/May 14, 2024 — (BUSINESS WIRE) — Pepper, the most trusted technology partner for the food distribution sector, is thrilled to announce the successful closure of a $30 million Series B funding round. This significant investment was led by ICONIQ Growth, with continued participation from existing partners at Index Ventures, Greylock, Imaginary, and Harmony Partners. In conjunction with the funding, Richa Mehta, Principal at ICONIQ Growth, will be joining Pepper’s board of directors. This round of funding marks a pivotal moment for Pepper as it solidifies its position as the most trusted and transparent technology partner to independent foodservice distributors.
Since its last funding round, Pepper has demonstrated remarkable growth, doubling its customer base and rolling out over one hundred new product features. These features have significantly enhanced the capabilities of sales representatives, accounts receivable teams, and marketing teams, further enriching Pepper’s top-tier eCommerce solutions.
“The tremendous support from ICONIQ Growth and our existing investors not only validates our vision but also reinforces our position as the most trusted and transparent technology partner in the foodservice distribution industry,” said Bowie Cheung, CEO and cofounder of Pepper. “This funding will enable us to accelerate our roadmap, focusing on innovative solutions that meet the evolving needs of our customers and strengthen their operations.”
The newly secured funds will be directed towards advancing product innovation in several key areas, such as the core eCommerce experience, CRM tools, generative AI, rich product content, and analytics to support Pepper’s growing ads network.
ICONIQ Growth is renowned for its strategic investments in companies that drive significant digital transformation. “Pepper’s approach to partnering deeply with industry stakeholders, and the company’s clear focus on empowering rather than displacing, aligns perfectly with our philosophy,” stated Richa Mehta, Principal at ICONIQ Growth.
As Pepper continues to expand its offerings and customer base, this new capital will empower the company to further its vision of being the most trusted technology platform in the food distribution industry, fostering a more resilient and sustainable food ecosystem.
About Pepper
Pepper is an eCommerce platform designed to be the growth engine for independent distributors. The platform delivers a best-in-class shopping experience for food service, convenience stores, and other marketplaces. Pepper offers a suite of AI powered tools for the distributor sales rep and customers to grow market share.
About ICONIQ Growth
ICONIQ Growth partners with visionaries defining the future of their industries to transform the world. Our investment platform and unique ecosystem helps amplify our portfolio companies’ success from early growth stage to IPO and beyond. Our portfolio includes Adyen, AirBnB, Alibaba, Alteryx, Automattic, BambooHR, Braze, Chime, Collibra, Coupa, Datadog, Docusign, Gitlab, Marqeta, Miro, Procore, Red Ventures, Relativity, ServiceTitan, Snowflake, Sprinklr, Truckstop, Uber, Wolt, and Zoom, among others. For more information, please visit ICONIQGrowth.com.
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