MealPal Announces $20M Series B Funding
NEW YORK, NY, MealPal, the subscription service that makes lunch pick-up from restaurants convenient and affordable, today announced a $20 million Series B investment.
This round of funding, led by Menlo Ventures, brings MealPal's total funding to $35 million since its January 2016 launch. The financing is in tandem with the company's other major announcement today: MealPal has expanded its service from lunch pick-up to include dinner starting in New York City.
"MealPal has only begun its mission to help people eat intelligently by providing a convenient way to get a delicious meal at an affordable price whether at the office or at home," said Mary Biggins, co-founder and CEO of MealPal. "MealPal has helped thousands of people upgrade their lunch break by skipping long restaurant lines and getting lunch for as little as $6. Now we're excited to bring this quality, affordability, and efficiency to dinner."
Similar to its lunchtime service, MealPal is offering New York City members two different subscriptions for dinner: a 20-meal plan for $6.49 per meal and a 12-meal plan for $6.99 per meal. With a subscription, MealPal members can select dinner from hundreds of restaurants on the platform and enjoy delicious meals that typically retail for $9-$15 at a fraction of the cost. Dinner service coincides with the expansion of MealPal's New York footprint to include the Upper East Side, the Upper West Side, Murray Hill, and the East Village.
The launch of the dinner service builds on an impressive year of growth and momentum for MealPal. Since its launch in 2016, MealPal has served more than 3 million lunches and expanded to 12 markets, most recently Manchester, U.K. and Melbourne, Australia.
"MealPal's unique pick-up model is shaking up the food service industry, improving mealtime for both consumers and restaurants alike," said Venky Ganesan, managing director at Menlo Ventures and MealPal board member. "Their lunchtime success and ability to secure such a large subscriber base in a short amount of time gives us full confidence in their expansion into dinner and into further cities globally. We are thrilled to partner with Mary, Katie and the team as they continue to thrive in this competitive space."
Previous investors, including Bessemer Venture Partners, Comcast Ventures, Haystack Partners, and NextView Ventures, all participated in this new round. The new funding will support further team and market expansion in the United States, United Kingdom, Canada, and Australia, as well as new markets throughout Europe, in the next several months.
In addition to helping its members, MealPal will continue to boost the efficiency, profit margins, and sales for restaurant partners.
"MealPal has helped us increase our lunchtime revenue at lower labor costs with improved margins," said Nabeel Alamgir, CMO of Bareburger. "Our guests love this service because they can order ahead, skip the line, get an affordable meal, and have more time to enjoy their lunch break. We're excited to offer them the same benefits now for dinner, too."
To learn more and sign up for MealPal, please visit http://www.mealpal.com.
MealPal is the subscription service that makes lunch pick-up from restaurants convenient and affordable. MealPal helps restaurants increase efficiencies and revenue during the peak hours and provides a convenient way for MealPal members to receive high quality, affordable, and delicious meals. Founded in 2016 by Mary Biggins and Katie Ghelli, MealPal has facilitated more than 3 million reservations and is currently available in select cities across the United States, Canada, United Kingdom, and Australia. To learn more and sign up for a better mealtime experience, visit www.mealpal.com.
About Menlo Ventures
Menlo Ventures provides capital for multi-stage consumer and enterprise technology companies. Since 1976, the firm's market-driven analysis has led to the identification of opportunities and successful investments in innovative technology markets. Menlo's portfolio includes more than 70 public companies and more than 100 mergers and acquisitions. For more information, visit www.menlovc.com.
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