Ghost Financial Raises $2.5M in Advance Funding

Ghost Financial, a financial services startup, emerged from stealth on Tuesday (April 5) and announcement it raised $2.5 million from pre-seed investors to develop its bank-style ghost kitchen products.

Ghost kitchens are restaurants that serve customers through food delivery apps. According to the press release, Ghost Financial offers ghost kitchen operators assistance with insurance, loans, credit cards, and various other financial products.

These ghost kitchens became more popular during the pandemic as food delivery became ubiquitous while many people were stuck inside during the quarantine months of 2020.

These kitchens focus solely on delivery and typically purchase their inventory with cash, check or debit, rather than credit — which, according to John Meyer, founder and CEO of Ghost Financial, can reduce their growth.

“What appears to be missing is a very clear banking and financial layer to support the ghost kitchen industry,” Meyer said, according to a Reuters report on Tuesday. He added that while the popularity started during the pandemic, it seems to be an ongoing concern that isn’t slowing down.

The company is based in Austin, Texas. Some of its pre-seed investors include HOF Capital, 305 Ventures, Hustle Fund, and Active Capital, among others.

In other news related to the booming sector, PYMNTS wrote that Deliveroo plans to trial its fast grocery service, Deliveroo Hop, with supermarket chain Waitrose in February.

Read more: Deliveroo tests fast delivery of groceries in London

To provide the service, Waitrose has opened a delivery-only store in Bermondsey, London. The report noted that people living around the store would have delivery times reduced to around 10 minutes, half the time of a typical delivery.

Waitrose has an existing partnership with Deliveroo, and Deliveroo is using grocery delivery to help scale and justify its model. At the time, Deliveroo’s chief financial officer, Adam Miller, said the company’s aim was to provide a sense of the “relative unit economy on groceries vs. restaurant – not as good as the economy of the restaurant”.



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