Upstock has launched in Australia promising to revolutionize the sector.
Led by Philip Fierlinger, Co-Founder of Xero, Upstock is a B2B marketplace for the hospitality and food service industry that connects suppliers with major buyers, streamlining processes and transforming wholesale ordering.
Upstock aims to transform the way suppliers in the hospitality and food service industry receive orders, especially for boutique labels in regional areas. While some platforms exist for digital ordering, many suppliers still rely on pen and paper or spreadsheets to protect their brand experience. Upstock plans to change this by offering user-friendly software that enhances efficiency for both buyers and suppliers, strengthening their trading relationships.
One notable innovation introduced by Upstock is an open marketplace that allows restaurants, bars, and cafes to order from any supplier, regardless of their current platform usage. This eliminates the need to place separate orders with each supplier, as multiple orders can be made simultaneously. Managers maintain control over team orders, preventing accidental purchases from the wrong suppliers.
For suppliers, Upstock provides access to a vast network of wholesale customers and digital tools to automate logistics, customer management, payments, and invoicing. What sets Upstock apart is its comprehensive approach, combining both marketplace and logistics solutions in a single platform—an integration that traditionally operated separately in the industry.
Upstock stands out in the industry not only for its cutting-edge technology but also for its disruptive freemium pricing structure. Unlike other platforms, Upstock does not charge upfront setup fees or take commissions on orders from suppliers. It offers free order handling for both buyers and suppliers, with advanced order management functionality available for a minimal fee of $1 or less for suppliers. This pricing model ensures that suppliers retain their entire profits, without losing a significant portion to platform fees. Current Upstock users find this pricing approach highly attractive.
Leading Upstock as Co-CEOs are Philip Fierlinger and Duncan Ritchie. Fierlinger, renowned for his expertise in developing disruptive tech products, is best known as the Co-Founder of Xero, a global accounting software company established in 2006. Fierlinger expresses confidence in Upstock’s ability to shake up the Australian hospitality and food service industry.
Considering the industry’s challenges, including the impact of the pandemic and an economic slowdown, Upstock aims to support new and existing businesses by simplifying and streamlining operations for both buyers and suppliers. This approach enhances sustainability, profitability, and overall efficiency while providing a wider range of exceptional products to end consumers. Fierlinger believes that Upstock will contribute to the revitalization of Australia’s hospitality and food service economy.
Upstock has already attracted a notable roster of Australian hospitality and food service brands, including Prana Chai, White Whale Coffee, Sandy’s Sourdough, Frankies, Garlicious Grown, and Braidwood Food, among others. The platform has become an essential tool for suppliers, reducing their workloads and expanding their buyer networks. Users praise Upstock for its positive impact on their businesses.
“Support from the Upstock team has been great. Getting set up was really seamless and super easy. On the day we went live with Upstock we immediately felt confident using it.” says Kelly Melody, Managing Director of Automatic Bakery.
“We’ve gotten back at least half a day a week in sales admin, plus the time saved by our packing team who now don’t have to sort out mis-picks. Also, I love having the confidence that it’s actually working and I don’t have to think about it. I know all the stuff that we picked today has been sent out all over the country, I know there’s been an invoice generated for it, and then I’ll get paid for it. I don’t have to go and double-check everything. We’ve had zero customers come back with invoice queries since we’ve had Upstock – it’s seamless.”
Well-known investors are backing Upstock’s Australian entry including Icehouse Ventures, Possible Ventures, Sir Stephen Tindall’sK1W1, and NZVC, along with founders from marquee tech firms including Vend, Karbon, Campaign Monitor and Sharesies. Investors have been impressed with the rapid customer growth coupled with 4x revenue growth in 2022 and are excited to support the company’s expansion into Australia as well as the U.S.
For more information on Upstock, please visit www.upstock.app.
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