POC-Founded Fintech Raises $1.8 Million In VC To Help The Food Truck Industry

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A love of street food led to a fintech startup that helps food truck entrepreneurs manage their businesses and food lovers find their favorite truck. The pandemic accelerated the growth of Goodfynd leading to it raising a venture capital seed round quickly.

"D.C. has a robust food truck market," said Abdulrazaaq, cofounder and CEO of Goodfynd. Office workers, retail employees, students, and out-of-town visitors partook of the offerings. Goodfynd released its first fintech product in January 2020. Three weeks later, the DMV shut down due to Covid-19 restrictions.

Before the pandemic, many food trucks were located on city streets—close to offices and retail businesses. With so many Americans working from home, mobile food vendors were no longer within proximity of consumers. This challenge was an opportunity for food truck entrepreneurs to meet consumers where they were now located.

For the first couple of years, the triumvirate funded the business themselves. They didn't have friends and family who could afford to give or invest in the startup, which would have sped up the development process. They paid for things like hosting out of their own pockets. In 2018, while still working day jobs, they built an app so consumers could find their favorite food trucks, which frequently changed locations.

Because the Goodfynd team is all techies, they could do the development work themselves and use the $25,000 for infrastructure."We didn't have lives in order to accomplish that," said Abdulrazaaq. All they did was work.

 

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