Toronto Espresso Capital announced today that it has provided San Francisco-based digital nutrition platform Zipongo with a US$5 million credit facility. Zipongo, whose platform takes the guesswork out of healthy eating by supporting personalized meal planning and purchasing, based on health factors and food preferences, will use the capital to help fuel growth.
“We see venture debt as a near-term growth lever,” says Zipongo CFO and Co-Founder, Milo Krastev. “As we expand our impact with customers and sign important new partnerships, we need to continue to invest and scale our product and business. Venture debt is an effective interim solution ahead of a broader equity raise.”
Poor eating habits result in serious medical conditions that health plans and employers wind up spending millions of dollars managing each year. Zipongo empowers health plan members and employees to improve what and how they eat, in a way that balances our overwhelming food environments.
“Zipongo has a real opportunity to scale up,” says Espresso Director Jean-Michel Domard. “They have demonstrated product market fit and are now using the debt facility we provided to build on this momentum and accelerate their growth.”
Krastev says Zipongo chose Espresso because of the venture debt provider’s efficiency and flexibility. “They ran a very streamlined process and have demonstrated that they can scale with us as our needs evolve.”
Zipongo helps its millions of members find an easier path to putting healthy, sustainable food on the table for their families, and help those with chronic diseases, like diabetes and cancer, overcome their conditions through the Foodsmart, Telenutrition & Foodscripts platforms. Zipongo achieves healthier food choice by changing the eating environment at home, work, restaurants, and the grocery store. Zipongo works with employers, health plans, provider systems, pharmaceutical companies and wellness companies to improve the health of their employees, members, and patients, and reduce chronic disease. Zipongo is Eating Well Made Simple.