EatStreet Closes $15M Series C Round
MADISON, WI, EatStreet, the largest independent online and mobile food ordering company in the United States, today announced it has closed $15 million in a Series C financing round.
The funding will be used to support the five-year-old company's plans for future growth. The latest investment was co-led by 4490 Ventures and Lumia Capital, with participation from GCI Capital, MATH Venture Partners, and the State of Wisconsin Investment Board.
'We've exceeded all expectations in 2015 and given the fast-paced nature of the online food ordering industry, we're thrilled to announce this most recent round of investment,' says Matt Howard, CEO and co-founder of EatStreet. 'It's unbelievable to think that just a few years ago there were three of us in a dorm room building a product that we thought would change the way people ordered food. And today, we're processing millions of orders for customers nationwide.'
This recent round -- also supported by initial investors gener8tor, Cornerstone Angels, Independence Equity, and several prominent Wisconsin angel investors -- brings the total investment in EatStreet to almost $30 million since the company was founded in 2010. EatStreet will use the new funds to fuel growth in additional cities, increase market share in existing cities and make key technological advancements to its core products.
EatStreet has seen tremendous growth in the last 12 months, expanding into additional Tier 2 markets, and now provides online delivery and takeout service in more than 250 cities nationwide. The company has posted triple-digit annual sales growth with record new diner acquisition, all while doubling its Madison, WI, workforce. In addition to building a world-class product team with engineers from tech-giants like Facebook and Google, EatStreet has increased headcount in its marketing, sales, and most recently, in its 24/7 customer support team. By the end of January 2016, the company will have hired an additional 30 support team members to ensure EatStreet diners and more than 15,000 restaurants have real-time support at any hour of the day. 'We're on a mission to revolutionize how people place delivery and takeout orders online -- from how quickly a diner is able to browse local restaurants or new cuisine types to how easily they are able to place an order on our app,' Howard says.
Mobile experience remains core to EatStreet's strategy. In turn, 2015 has seen a continuous stream of innovative mobile features and products with each Android and iOS release. Most recently, the company released Food Crew, a group ordering feature that lets users easily split the bill with coworkers or friends. 'We're always thinking about how we can offer the most rewarding dining experience,' Howard adds. 'From the moment hunger strikes to the moment that doorbell rings, it's the focus of everything we do.'
EatStreet is a privately held company based in Madison, WI. Founded in 2010, EatStreet is the largest independent online and mobile food ordering service in the United States that streamlines commerce between restaurants and diners, with an online food court comprising more than 15,000 restaurants in more than 250 cities nationwide.
To hungry diners across the nation, EatStreet is the most convenient way to order delivery and takeout from their favorite restaurants. To restaurant owners, EatStreet is their one-stop online ordering and marketing shop through its suite of web, mobile, and social products. The company's in-house 24/7 customer support team ensures every order is fast, convenient, and correct, from the moment of hunger to moment the food arrives. For more information, visit: eatstreet.com.
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