Food delivery software firm Deliverect has raised $150m (£111m) to value it at $1.4bn (£1.04bn) as it seeks to scale up its business across the globe.
The Belgian based firm, which provides online food delivery managements for restaurants and dark kitchens across 40 markets, has secured more than $150m in Series D funding.
The fundraising, which comes on the back of a $65m Series C raise in April 2021, has been led by Coatue and Alkeon Capital as well as existing investors OMERS Ventures, DST Global, Redpoint Ventures, Newion and Smartfin.
The latest cash injection brings the total raised by the company to $240m and values it at over $1.4bn.
Deliverect said the transaction will enable it to investing in engineering and technology, expand its product portfolio and scaling to serve hundreds of thousands of establishments, which now includes convenience and grocery stores in addition to restaurants.
Deliverect has received 100 million orders to date and processed one and a half million orders per week in 2021 alone, a 300% increase in less than one year.
To coincide the announcement of the fundraise, Deliverect is also launching a dedicated App Store to accelerate its growth.
Zhong Xu, Deliverect co-founder and CEO commented: “As digitisation becomes more and more popular, we’ve seen how much not only restaurants but grocery and convenience stores need streamlined online ordering to meet customer satisfaction, especially among Millennials and Generation Z shoppers.
“This funding will advance our efforts to serve everyone in the hospitality community through our App Store and beyond. We’re thrilled for Deliverect’s next phase as the leader in online order automation, especially as so many people prefer the convenience of ready-to-eat food delivery today.”
Founded in 2018, Deliverect’s platform automates restaurants’ online order flow, taking delivery, table app or takeaway requests from services like Uber Eats, Grubhub and Deliveroo and transferring them to the kitchen.
Operating in over 40 markets around the world, Deliverect also works with global fmcg players such as Taco Bell, Burger King, and Unilever as well as restaurant chains including Kentucky Fried Chicken, Chipotle, Five Guys and Taco Bell.
Sarah Venning, chief digital and information officer of Pret A Manger said: “Over the past two years we’ve transformed our business to bring Pret to more people, which includes significantly growing our online delivery platforms and reshaping how customers order with us.
“With the help of Deliverect, we’ve enabled significant growth for our delivery partner business and introduced a system that our shop teams love and find easy-to-use, helping us to serve more customers digitally than ever before.”
Sebastian Duesterhoeft, general partner at co-lead investor Coatue added: “The multi-billion dollar market for restaurant-side technology is being fuelled by multiple tailwinds including a change in consumer habits related to the ongoing pandemic, the need to adapt to the ever-changing landscape of delivery networks, and shifts in foodservice retail such as dark kitchens and virtual restaurant brands.
“We believe Deliverect is capitalising on these trends with its goal to become a category leader with a mission to empower restaurants globally.”