Deliverect raises $150m to fund expansion

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 the amount of funding the company has raise to $240 million raised to date and marks the company’s valuation at over $1.4bn. It will contribute to expanding the company’s footprint and accelerating its growth, says Deliverect.

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.

The company, whose partners include Pret a Manger, KFC, Five Guys, Taco Bell, Le Pain Quotidien and Outback Steakhouse, has received 100 million orders to date and says it processed one and a half million orders a week in 2021, 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,” says 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.” 

“Over the past two years we’ve transformed our business to bring Pret to more people, which includes significantly growing our online delivery platforms and reshaping how customers order with us,” says Sarah Venning, chief digital and information officer of Pret A Manger.

“With the help of Deliverect, we’ve enabled significant growth for our delivery partner business and introduced a system that our shop teams love and find easy-to-use, helping us to serve more customers digitally than ever before.”