On-demand food delivery startup DoorDash and social service access platform mRelief are teaming up to provide affected San Francisco residents with up to $35 in DoorDash credit while they wait for their food stamp benefit approvals.
Postmates, a San Francisco-based logistics company that operates a network of couriers who deliver goods – mostly food — locally, has closed a pre-IPO $100 million funding round led by BlackRock, Glynn Capital and Tiger Global, upping the company’s valuation to approximately $1.85 billion.
The funds will be primarily used to advance Food-X Urban Delivery, SPUD’s shared e-commerce grocery delivery platform that allows multiple third-party retailer partners to provide grocery delivery to customers.
The first wave of European food tech companies has mostly focused on building technology and logistics platforms to deliver food to consumers. And while the plethora of new food e-commerce options across the globe has caused investor fatigue and failures, the five leading food delivery companies in Europe are now worth seven times more than their combined investment, an awesome feat, according to Niccolo Manzoni, partner of agrifood tech investment firm Five Seasons Ventures.
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The number of high-raising food delivery startups that have shuttered in the last two years suggests that even with millions of potential customers within a few miles, online restaurants are a hard nut to crack.
The high-cost of customer acquisition and a recent uptick in losses for the five-year-old food tech company could make the decision to list look precarious and spell bad news for competitors also considering listing.
The highs and lows of the food e-commerce space continued this week with Territory raising $6.7m in Series A funding in the same week that Maple closed and sold some of its assets to the UK's Deliveroo.
AgShift, an ag data startup helping farms automate their compliance reporting, also closed a pre-seed round. Online office catering service Platterz and pivoted Indian agri-marketing platform Ninjacart also raised funding.