Montreal online grocer GoodFood Market Corp. has announced an expansion of its credit financing of $21 million.
The additional funding follows on an earlier announcement in which it raised $60 million in stock to support its expansion plans.
The $21 million credit financing gives GoodFood total credit facilities of $67 million. The new financing is supported by the Canadian Imperial Bank of Commerce, Desjardins Capital Markets and Investissement Québec as part of the syndicate.
“We are thrilled to have gained additional financial flexibility to support our growth and strategy. As we look to increase selection and delivery flexibility to our subscribers, GoodFood is pleased to count on such strong and reputable financial partners,” says Jonathan Ferrari, CEO of Goodfood.
“We will soon have access to over $200 million of liquidity, providing us with the balance sheet and the platform to continue executing our strategic plan. The grocery industry continues to shift online at an accelerating pace, and we are ideally positioned to gain market share and penetrate an increasing number of households from coast to coast," adds Ferrari.