Foodiac Funding Fails, Ramps Down

Finnish chefs-to-rent platform Foodiac will close down over coming weeks after it failed to raise additional funding.

“The ongoing funding round did not go as we wished. Even though we have a great number of chefs in Finland and a lot of pleased customers, there is no way for us to continue,” founder Miikka Mäkiö said on Monday in a post on Foodiac blog.

“We could not raise enough funding to grow our business to a new, profitable level, so we came to this conclusion. In  a marketplace like ours scaling to a large enough level is crucial and we cannot reach this with current funding.”

Foodiac had raised around $100,000 of early stage funding.

It was a food supplier at Arctic15 conferences in 2014 and 2016, and ArcticStartup was one of those pleased customers Mäkiö referred to. “We were very happy with them, so it is sad to see them shut down,” said Jan Ameri, the head of Arctic15.