Deliverect raises USD150mn in Series D Funding as it further expands its business
Deliverect, a global firm that simplifies online ordering for more than 20,000 locations across 40 markets, announced that it secured more than USD150 million in Series D funding.
The funding, which is led by Coatue and Alkeon Capital as well as existing investors OMERS Ventures, DST Global, Redpoint Ventures, Newion and Smartfin, brings Deliverect to USD240 million raised to date. This round marks the company’s valuation at over USD1.4 billion.
With this latest round of funding, Deliverect is investing in engineering and technology advancements, expanding its product portfolio, and scaling to serve hundreds of thousands of establishments, which now includes convenience and grocery stores in addition to restaurants.
To better support these customers, Deliverect is also launching a dedicated App Store. The efforts driven by this financing will contribute to expanding the company’s footprint and accelerating its growth. Deliverect has received 100 million orders to date and processed one and a half million orders per week in 2021 alone, 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,” said 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.”
Founded in 2018, Deliverect’s SaaS platform automates restaurants’ online order flow through a single point, taking delivery, table app or takeout requests from services like Zomato, Talabat, Deliveroo, Careem, Hungerstation and more and transferring them straight to the kitchen.
Both small independent restaurants and large global chains such as Kentucky Fried Chicken (KFC), Time Out Market, Hamburgini, Pinza, Poke & Co, Sauce Capital, Kuwait London Company, Outback Steakhouse, and more use Deliverect to bring their delicious meals to the hands of happy customers.
“Deliverect is streamlining the on-demand ordering economy with its industry leading, omni-channel platform that connects consumers to leading restaurants and brands,” said Mark McLaughlin, General Partner at Alkeon Capital.
“Deliverect’s co-founders – all veterans of next generation commerce – have assembled the strongest team in hospitality to steer Deliverect’s ambitious road map and disruptive technology into new markets and use cases.”
Tamer Elkhayat, Co-Founder of Pinza said: “Our customer satisfaction and ensuring that we are meeting their expectations have always been our number one priority. Since we started working with Deliverect, our business has significantly grown. We are successfully saving operational costs and reducing human error while speeding up order preparation time and ensuring consumer satisfaction.
In fact, Deliverect has made it so much easier to upload, edit and integrate menus with aggregators, which has enhanced our operations by reducing the time to launch from two weeks to three days only. This has empowered us to be present in the digital space while focusing on serving our customers efficiently.”
Sebastian Duesterhoeft, General Partner at Coatue adds, “The multi-billion-dollar market for restaurant-side technology is being fueled 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. We are thrilled to partner with Zhong and the team.”