It seems almost (but not quite) defunct on-demand delivery service SpoonRocket has gotten a stay of execution, care of a Brazilian firm with global ambitions.
Brazil-based iFood has bought out the firm, which shut down briefly this week after running out of money, for an undisclosed sum. Recently, the South American on-demand delivery service bagged $62 million in funding from Movile, a Latin American eCommerce platform, and Just East a U.K.-based on-demand delivery service. This is one of many recent acquisitions out of the firm in the last several years — recent purchases include Central do Delivery, Papa Rango and Alakarte.
SpoonRocket fits into iFood’s overall vision with its logistics platform for optimizing delivery time and order tracking. Currently, iFood is a profitable undertaking and is fulfilling 1.5 million in orders a month. By current estimates, the Brazilian on-demand takeout market is estimated to carry around $1.5 billion in value.
Some think that number should be much higher.
The news comes as something as a surprise, since earlier this week PYMNTS was among many sources reporting on the demise of SpoonRocket, which was unable to secure more funding and apparently had been unable to come to a deal for acquisition. It looks like the deal came through after all.
The acquisition will require SpoonRocket’s CTO to help develop the company’s technology into iFood’s platform. The expected integration time is about 2 or 3 months.
“We are very happy to have found a home for our technology with iFood,” SpoonRocket CEO Anson Tsui said in a release. “Even though SpoonRocket did not work out, I do believe we have one of the best food delivery systems in the world and it is amazing to see it live on through iFood.”
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