Food Rocket, a rapid grocery delivery startup says it will cease operations this month.
According to CSP Daily News, the company said it exhausted its funding and couldn’t raise any more.
The company launched in 2021 in San Francisco and expanded to Chicago last spring, in part thanks to founding investor Alimentation Couche-Tard, which operates more than 9,000 convenience stores in North America under the banners Couche-Tard, Circle K, and Ingo.
“In spite of overall profitability, Food Rocket ran out of capital while struggling to raise additional funding,” said Vitaly Alexandrov, CEO and founder of Food Rocket.
“We believe that the rapid delivery industry has disrupted the retail market and changed consumer behaviors. Unfortunately, current economic conditions reshuffled the tech market and presented significant challenges in the venture capital market. The decision to cease operations was incredibly hard, and we put in 100 percent up until the very last day, trying to stay afloat for our customers and team members.”
As of March 10, its website says it is closed.