Deliverect bags unicorn status as it raises $150m in Series D funding
Deliverect, a Belgian startup that aims to simplify online food delivery, has secured more than $150 million (€130 million) in a Series D funding round led by Coatue and Alkeon Capital, as well as existing investors OMERS Ventures, DST Global, Redpoint Ventures, Newion and Smartfin.
This brings Deliverect to $240 million raised to date and puts the company's valuation at over $1.4 billion.
Founded in 2018, it is using the cash to invest in engineering and technology advancements, expand its product portfolio and scale to serve hundreds of thousands of establishments, which now includes convenience and grocery stores in addition to restaurants.
Deliverect is also launching a dedicated app store. It has received 100 million orders to date and processed one and a half million orders per week in 2021, a 300% increase in less than one year.
"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," says Zhong Xu, Deliverect Co-founder and CEO.
"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."
Sarah Venning, Chief Digital and Information Officer at Pret A Manger, comments: "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 Coatue, says: "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.”
