Startup News

iFood launches fund to support small restaurants

LatAm ListiFood, the food delivery platform from Brazil’s Movile, has announced three new measures that will take effect in April to help support small businesses ahead of the COVID-19 pandemic. The company announced a $9.8M (R$50M) restaurant assistance fund which aims to support small local establishments in iFood’s delivery network.

iFood announced an initiative to accelerate receipt processing for its restaurants whereby they will receive their payment within seven days during April and May with no additional cost. The company aims to inject up to $117M (R$600M) into the Brazilian market with this measure.

Furthermore, all revenue collected by iFood in fees for its food delivery service will be returned in full to the associated restaurants. iFood aims to keep restaurants in operation by continuing food delivery while they are unable to be open to customers in the physical establishment. 

More than 120,000 restaurants across 1,000 cities in Brazil are part of the iFood network. 

“In this moment of uncertainty and difficulty facing the entire country, we recognize that we are an important agent in keeping the restaurant companies that make up our ecosystem active and sustainable […] it is extremely important that we partner with these establishments in the coming months so that we can overcome this difficult time together,” said the company.

Read more on StartUpi.

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