Deliverect, a Ghent (Belgium) based startup, announced on 21st April 2021 that it has raised US$ 65 million in its series C funding round. The round was led by DST Global and Redpoint Eventures along with participation from OMERS Ventures, Newion and SmartFin.
Investors: Redpoint Eventures is a Sao Paulo, Brazil, based venture capital firm that was founded in 2011 by Anderson Thees and Jeff Brody. It is primarily an early-stage investor that invests in motivated entrepreneurs and companies that are determined to change the status quo of their respective industries.
Its portfolio includes companies such as Antecipa, Gympass, Creditas, Olist and more.
DST Global, on the other hand, is a Hong Kong based investment firm that was founded in 2009 by Yuri Milner. It is a growth and late stage investor that invests in leading technology and internet based companies. It has invested in some notable tech giants including Snapchat, Airbnb, Spotify, Flipkart and more.
“The explosive rise of online food delivery is forcing restaurants to change how they operate. Zhong and the Deliverect team are building the tools and infrastructure to help restaurants thrive in a world where navigating online food delivery is a matter of success or failure.”— Elliot Geidt, managing director at Redpoint Ventures.
Purpose of investment: The latest funding brings the total funds raised to date by Deliverect to around US$ 87 million. While the latest valuation of the company was not disclosed, the funds are poised to be utilised to expand the business.
Deliverect was founded in 2018 by Jan Hollez, Jelte Vrijhoef and Zhong Xu. It is a single interface that brings together all 3rd party food delivery platforms like Uber Eats, Deliveroo, Doordash etc and helps restaurants manage working with multiple such delivery companies.
Online delivery has definitely increased the sales and reach of restaurants. But multiple 3rd party delivery platforms makes managing workflows and operations a headache. Each time an order has to be manually copied from multiple such platforms onto the restaurant’s own point of sales. This leads to higher admin expenses, unnecessary errors and stress.
Deliverect was founded to solve this problem. It integrates a restaurant’s POS with multiple delivery platforms, gives a bird’s eye view of all the different orders at one location, automatically forwards the order information to the kitchen and keeps all the parties (customers, delivery platforms, restaurants) updated with the order and delivery status.
Deliverect’s business model has witnessed remarkable growth over the previous year with around 30 million orders from its customers and a stunning 750% user growth.
What the CEO has to say:
“The restaurant industry is in a historical moment of change and digitalisation, and delivery has become crucial for the survival of this industry. Our mission is simple: to be the backbone of on-demand food helping to support restaurants around the world to thrive in the online space.”—Zhong Xu, co-founder and CEO of Deliverect.
For more extensive analysis and Market Intelligence reports feel free to approach us or visit our website: Venture Capital Market Intelligence Reports | VCBay.
We try our best to fact check and bring the best, well-researched and non-plagiarized content to you. Please let us know
-if there are any discrepancies in any of our published stories,
-how we can improve,
-what stories you would like us to cover and what information you are looking for, in the comments section below or through our contact form! We look forward to your feedback and thank you for stopping by!