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TORONTO (November 17, 2022) — Flashfood, a digital marketplace that connects consumers to heavily discounted food nearing its best-before date, today announced the company has received recognition as #1 in the Clean Technology category as part of the 2022 Deloitte Technology Fast 50™ awards program for its disruptive solution to address food waste and rising grocery prices, its rapid revenue growth, and its entrepreneurial spirit. The program recognizes Canada’s 50 fastest-growing technology companies based on the highest revenue-growth percentage over the past four years. Flashfood ranked first with a four-year revenue growth rate of 11,869%.
Deloitte’s Technology Fast 50 program winners consist of public and private companies in the technology sector that are transforming the industry. The program runs alongside the broader Deloitte North American Technology Fast 500™, with winners automatically eligible for this elite ranking.
Established in 2021, the Clean Technology award aims to recognize Canada’s top clean innovators providing processes, goods, or services that reduce environmental impacts. Eligibility in the Clean Technology category requires applicants to meet the same criteria as for Technology Fast 50 nominees except they must have a minimum revenue of $50,000 in 2018 and $5 million in 2021. The winning companies are ranked by their revenue-growth percentage over that period.
The majority of the companies’ revenues must come from products or services that have a positive environmental impact in the following areas: carbon emissions reduction potential, resource circulation (reduce, reuse, and recycle), or environmental preservation and safety.
With the announcement that Flashfood has diverted more than 40 million pounds of food waste in Canada making recent news, which equates to 76 million pounds of carbon dioxide equivalent (CO2e) saved from reaching the atmosphere, the company is among the select few to leapfrog from Deloitte’s Companies-to-Watch list to the top Technology Fast 50 award the following year.
“It’s really humbling to receive this recognition and to be in the position we are as a company. We have the best teammates who want to focus their careers doing impactful environmental work, a collaborative, growth-oriented culture, and strong retail partnerships that have led to incredible business results,” says Josh Domingues, Founder & CEO of Flashfood. “To say that Flashfood is the fastest growing clean tech company in Canada is something we’re all very proud of but we have a lot more work to do in front of us."
Since 2016, Flashfood has connected consumers to heavily discounted food nearing its best-before date. Shoppers simply download the Flashfood app to find a nearby grocery location, choose discounted food items and complete their purchase. They then conveniently pick up their order at the designated Flashfood Zone at their local grocery store. To date, the digital marketplace has saved shoppers an excess of $130 million and diverted more than 50 million pounds of food from reaching the landfill through partnerships with some of North America’s largest grocers.
“These outstanding companies are amongst the elite of Canada’s clean technology sector, developing and bringing to market innovations that create a more resilient and sustainable future for the environment,” stated Anders McKenzie, partner and national leader for the Technology Fast 50 program at Deloitte Canada. “With ever-increasing business opportunities to reduce our carbon footprint, make energy efficiency gains, and accelerate the deployment of renewable energy sources, these winners distinguish themselves in a highly promising and dynamic space. They represent a cohort of innovators who are contributing to the environment and helping to create a sustainable business and technology landscape in Canada.”
About the Deloitte Technology Fast 50™ program
The Deloitte Technology Fast 50 program is Canada’s preeminent technology awards program. Celebrating its 25th anniversary, the program recognizes business growth, innovation, and entrepreneurship in four distinct categories: Technology Fast 50 ranking, Enterprise Fast 15, Clean Technology, and Companies-to-Watch. The program also recognizes companies within the North American Technology Fast 500 ranking, identifying thriving technology companies in the United States and Canada. The 2022 program sponsors include Deloitte, RBCx, Osler, EDC, CBRE, Vector Institute, Council of Canadian Innovators (CCI), Clarity Recruitment, Lafond, and TMX. For further information, visit www.fast50.ca.
Flashfood is an app-based marketplace that strives to eliminate retail food waste by connecting consumers with discounted food nearing its best-by date. The mobile app operates in over 1,400 grocery locations throughout the U.S. and Canada. Shoppers can buy items from grocery retailers through the Flashfood app and pick them up in-store at great prices while collectively reducing food waste. To date, Flashfood has diverted over 50 million pounds of food, saved shoppers over $130 million and more affordably fed hundreds of thousands of families. Flashfood is currently working with Loblaw, The GIANT Company, Meijer, Tops Friendly Markets, Martin's Markets, VG's, Family Fare, Food Lion, Giant Eagle, Giant Food and Stop & Shop. Flashfood is a free app available on iOS and Android. For more information, please visit www.flashfood.com.