Total amount raised
$72.6 Millions
Latest funding date
05/01/2019
Location
Title
ChowNow has successfully raised significant funding over multiple rounds, establishing itself as a key player in the online food ordering industry. The platform offers a commission-free service that allows restaurants to keep 100% of their profits, setting it apart from competitors.
Keep reading to explore the intricacies of ChowNow's fundraising journey and the investors backing this innovative platform.
What Is ChowNow?
ChowNow, founded in 2011 in Los Angeles, California, is an innovative online ordering platform for restaurants. The company was established by Christopher Webb and Eric Jaffe, aiming to provide a commission-free service that allows restaurants to keep 100% of their profits.
ChowNow offers three main products: the ChowNow App, Order Better Network, and Pro, which help restaurants increase revenue, expand their reach, and enhance their online presence. The platform supports over 20,000 restaurants, making it a significant player in the industry.
With a dedicated team of over 400 employees, ChowNow continues to grow and innovate, providing valuable solutions to the restaurant industry.
How Much Funding Has ChowNow Raised?
- Seed Round
- Amount Raised: $1 million
- Date: May 2012
- Lead Investors: GRP Partners, Launchpad LA, James Bailey, and other angel investors
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the launch and initial operations of ChowNow as it enters the competitive online food ordering space.
- Series A Extension
- Amount Raised: $2 million
- Date: June 2013
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To fuel rapid growth of the mobile ordering platform.
- Series B
- Amount Raised: $10 million
- Date: March 2015
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the platform's reach and enhance its technology.
ChowNow has raised a total of $13 million. The current valuation is not publicly disclosed.
Key Investors
- GRP Partners
- Details: GRP Partners is a venture capital firm known for investing in early-stage technology companies. They have a strong presence in the Los Angeles startup ecosystem.
- Investment Focus Areas: Technology, media, consumer products
- Notable Investments: Maker Studios, TrueCar, Burstly
- Launchpad LA
- Details: Launchpad LA is an incubator program that helps startups grow by providing mentorship, resources, and funding. It has been instrumental in the success of many Los Angeles-based startups.
- Investment Focus Areas: Technology, consumer products, media
- Notable Investments: DogVacay, The Honest Company, Lettuce
- James Bailey
- Details: James Bailey is an individual investor who participated in ChowNow's seed round. He is known for his involvement in early-stage investments.
- Investment Focus Areas: Early-stage startups, technology, consumer products
- Notable Investments: Not publicly disclosed
- Angel Investors
- Details: A group of unspecified individual investors who contributed to ChowNow's seed round. These investors typically provide early-stage funding to startups.
- Investment Focus Areas: Various sectors, early-stage startups, technology
- Notable Investments: Not publicly disclosed
What's Next for ChowNow?
ChowNow stands at the cusp of significant growth opportunities, leveraging its customizable and branded ordering apps for restaurants. With over 70% of U.S. restaurants having a Facebook presence, the potential market is vast. The integration with Facebook and the availability of branded iPhone and iPad apps position ChowNow to capture a substantial share of the online food ordering market.
Future fundraising efforts are likely as ChowNow continues to scale. The initial seed funding of $1 million sets a precedent for additional rounds to enhance technology and expand reach. However, challenges such as competition from established players like Seamless and GrubHub, and convincing restaurants to adopt a new platform, remain. Ensuring seamless integration across platforms will be crucial for sustained growth.
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