Fort Capital is pleased to announce that Freshlocal Solutions Inc. (TSX:LOCL) (“Freshlocal” or “the Company“) has secured an $8.8 million credit facility agreement with Export Development Canada (“EDC”) to support Freshlocal’s international expansion efforts related to its FoodX SaaS-based eGrocery Management Solution (“eGMS”).
Freshlocal introduced its FoodX end-to-end, SaaS-based eGMS to bring optimized, efficient, and sustainable online grocery fulfillment capabilities to the global grocery marketplace. The FoodX platform draws on Freshlocal’s deep expertise in providing award-winning, multi-channel retail grocery services to its customers. Market leading grocers can now achieve best in class eGrocery economics while at the same time accessing Freshlocal’s FoodX platform and capabilities to reduce food waste – one of the most pressing challenges that must be addressed in the global food business. The FoodX eGMS is ideally positioned to provide a proven eGrocery solution to a global base of potential grocers and retailers.
“Over the course of 2021, we are excited to have built a new relationship with EDC and to have secured access to an important new source of capital for our FoodX eGrocery solution. This new partnership with EDC demonstrates their strong support for the use of leading-edge Canadian technologies to address the needs of global markets,” stated Simon Cairns, Chief Executive Officer of Freshlocal.
Fort Capital Partners acted as an advisor to Freshlocal on the EDC financing agreement.