While downtown office districts aren’t back to pre-pandemic norms, don’t tell that to Sharebite, the corporate food ordering platform that notched another huge fundraising round, this time raising $39 million through a Series B.
Citing a daily order volume increase of 30X during 2021, the New York-based company said it will use the latest investment to expand its footprint and launch products that serve the evolving needs of modern workplaces.
It’s only the latest win for the mission-driven food ordering platform built for workplaces, as the company inked a partnership with Vornado Realty Trust earlier this year, New York City’s leading office landlord, to become its exclusive office meal solution in buildings covering 20.6 million square feet of Manhattan office space.
The Series B investment was led by Prosus, one of the largest technology investors in the world. This investment marks Prosus’ entry into the United States’ food tech space, as Sharebite joins a leading portfolio including several of the world’s largest food tech companies. Additionally, the round was backed by Fiserv and Contour Venture Partners, along with existing investors, Reign Ventures, London Technology Club, Packy McCormick’s Not Boring Fund, and others.
“Since day one, our technology was purpose-built for companies as an enabling mechanism for maximum employee engagement,” said Sharebite co-founder and CEO Dilip Rao. “Our Series B funding round enables us to further accelerate our market share within the highly profitable corporate segment. “With the backing of world-class partners like Prosus, along with Fiserv, Contour Ventures, Reign Ventures, and others, we will launch new products and optimize our offering to help companies create a better place to work for employees, with food benefits.”
Sharebite was founded in 2015 by Dilip Rao and Mohsin Memon. Today the company has partnered with high-vis companies including Activision Blizzard, WeWork, Neuberger Berman, and Harry’s, by centrally managing employee food ordering and facilitating contactless deliveries at designated drop-off points inside office buildings.
In early 2021, Sharebite launched its first fintech product called Passport which enables companies with hybrid work models to equitably provision meal allowances to employees so that they can purchase meals at any restaurant they choose. Sharebite restaurant partners benefit from the economies of scale associated with preparing and delivering large quantities of orders in batches ordered in advance.
“Corporate meals represent a significant and largely neglected sector, creating room for an innovative and energetic start-up to thrive,” said Brian Krivoy, principal, Prosus Food. “Sharebite’s comprehensive product offering, purpose-built B2B tech, and mission-driven orientation position it to fully capitalize on this opportunity. We are delighted to support the exceptional Sharebite team as they expand across the United States.”