Global online ordering scale-up Deliverect has raised $208 million in its latest funding round, bringing the company’s valuation to over $1.9 billion.
The Series D was led by Coatue and Alkeon Capital, alongside existing investors OMERS Ventures, DST Global, Redpoint Ventures, Newion and Smartfin.
Deliverect was founded in 2018 and launched in Australia in August of last year and is expecting to grow from 15 full-time employees to 50 by mid-2022.
According to Deliverect co-founder and CEO Zhong Xu, “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.”
“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.”
The business is looking to invest in engineering and technology advancements as it works to both expand and scale, as it accelerates its growth.
Deliverect has hit the 100 million orders milestone and has seen a 300 percent increase in orders processed in the last year. Its customers include food delivery services including Uber Eats, Grubhub, Deliveroo, Doordash and foodora, as well as restaurants and chains such as Hungry Jacks, Red Rooster, Taco Bell and KFC, among others.
According to Mark McLaughlin, general partner at Alkeon Capital, “Deliverect is streamlining the on-demand ordering economy with its industry leading, omni-channel platform that connects consumers to leading restaurants and brands
“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.”
Sebastian Duesterhoeft, general partner at Coatue said, “The multi-billion-dollar market for restaurant-side technology is being fuelled 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.”
Research from Statista reveals that the online food delivery Australian revenue is projected to grow to US$2280 million this year, with 9.4 million users by 2025.