Deliverect, a software company that helps restaurants streamline delivery orders, has raised $150 million.
The Series D funding values the company at more than $1.4 billion and follows a $65 million fundraise last April.
More than 20,000 restaurants use Deliverect to route incoming orders from third-party platforms directly to the kitchen. It allows restaurants to ditch individual tablets for each aggregator and eliminates the need for workers to manually enter those orders.
Pret A Manger is one of those restaurants. "We’ve enabled significant growth for our delivery partner business and introduced a system that our shop teams love and find easy-to-use," said Sarah Venning, chief digital and information officer for the fast-casual chain.
Deliverect processed an average of 1.5 million orders a week in 2021, an increase of 300% year over year as more restaurant traffic goes digital. It's currently in use in 40 markets worldwide.
It will use the funding to improve its technology as well as get into new industries including grocery and convenience stores as they quickly adopt delivery. It's also launching its own app store.
The round was led by Coatue and Alkeon Capital. Coatue noted the multiple forces driving the restaurant tech market, including changing consumer habits, the growth of delivery networks and the rise of all-digital ghost kitchens and virtual brands.
"We believe Deliverect is capitalizing on these trends with its goal to become a category leader with a mission to empower restaurants globally," said Sebastian Duesterhoeft, general partner at Coatue, in a statement.
Deliverect is the second restaurant tech provider in as many weeks to reach a valuation of more than $1 billion, which makes it a "unicorn" in startup-speak. Online ordering provider Flipdish hit that mark last week with a $100 million fundraise.
Members help make our journalism possible. Become a Restaurant Business member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here.