Pepper Secures $30 Million

NEW YORK — Pepper, which operates an e-commerce platform for the food distribution sector, has closed a $30 million Series B funding round. The investment was led by ICONIQ Growth, with continued participation from existing partners at Index Ventures, Greylock, Imaginary, and Harmony Partners. In conjunction with the funding, Richa Mehta, Principal at ICONIQ Growth, will be joining Pepper’s board of directors.

Pepper is an eCommerce platform designed to be the growth engine for independent distributors. The platform delivers a best-in-class shopping experience for food service, convenience stores, and other marketplaces. Pepper offers a suite of AI powered tools for the distributor sales rep and customers to grow market share.

Since its last funding round, Pepper has demonstrated remarkable growth, doubling its customer base and rolling out over one hundred new product features. These features have significantly enhanced the capabilities of sales representatives, accounts receivable teams, and marketing teams, further enriching Pepper’s top-tier eCommerce solutions.

“The tremendous support from ICONIQ Growth and our existing investors not only validates our vision but also reinforces our position as the most trusted and transparent technology partner in the foodservice distribution industry,” said Bowie Cheung, CEO and cofounder of Pepper. “This funding will enable us to accelerate our roadmap, focusing on innovative solutions that meet the evolving needs of our customers and strengthen their operations.”

The newly secured funds will be directed towards advancing product innovation in several key areas, such as the core eCommerce experience, CRM tools, generative AI, rich product content, and analytics to support Pepper’s growing ads network.

ICONIQ Growth is renowned for its strategic investments in companies that drive significant digital transformation. “Pepper’s approach to partnering deeply with industry stakeholders, and the company’s clear focus on empowering rather than displacing, aligns perfectly with our philosophy,” stated Richa Mehta, Principal at ICONIQ Growth.