Deliverect, which provides a global platform to simplify online ordering, has raised €130 million ($150 million) in Series D funding, according to a press release Tuesday (Jan. 25).
The funding will go towards more investments in engineering and technology advancements, expansions of its product portfolio and scaling which will serve “hundreds of thousands” of establishments. The company is also looking to add a new App Store, which the new funding will help.
Launched in 2018, Deliverect has a Software-as-a-Service (SaaS) platform that automates online order flow through restaurants. It is able to take delivery, table app or takeout requests from services like Uber Eats, Grubhub, Deliveroo, DoorDash and others.
The platform has reportedly been doing well, with a 300% increase in orders in 2021 from the previous year, according to the press release. The company serves 20,000 locations.
The funding was led by Coatue Management LLC and Alkeon Capital Management, as well as existing investors Newion, OMERS Ventures, DST Global, Redpoint Ventures and Smartfin.
With the new funding, the company now has a valuation of over €1.2 billion (roughly $1.4 billion).
“As digitization 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,” Zhong Xu, Deliverect co-founder and CEO, said in the release.
Food commerce has been doing well in general — for example, Swiggy, an Indian giant in the field, has raised $700 million. Its value now sits at $10.7 billion, PYMNTS reported.
Additionally, grocery delivery startup Calii has raised $22.5 million in a Series A round.
Related: Today in Food Commerce: On-Demand Delivery Platforms Around the World Bring in Funds by the Millions
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