Total amount raised
$420.8 Millions
Latest funding date
12/1/2021
Location
ezCater has successfully raised significant funding through multiple rounds, reaching the Series D stage with backing from prominent investors like Insight Partners and SoftBank Vision Fund. The platform offers a comprehensive online catering marketplace, connecting businesses with local caterers for various corporate events and employee meals.
Keep reading to explore the intricacies of ezCater's fundraising journey and the investors backing this innovative platform.
What Is ezCater?
Founded in 2007 by Briscoe Rodgers and Stefania Mallett, ezCater is headquartered in Boston, Massachusetts. The company operates as an online catering marketplace, connecting businesses and individuals with local caterers for various events and meetings.
ezCater offers a range of services, including customizable employee meal programs and business catering solutions, supported by 24/7 customer service. The platform boasts a network of over 100,000 restaurants, ensuring a wide variety of options for any group size, dietary need, or budget.
With a workforce of 501-1000 employees, ezCater continues to grow, providing reliable and scalable catering solutions to meet the diverse needs of its clients.
How Much Funding Has ezCater Raised?
- Series A
- Amount Raised: $2.2M
- Date: October 2012
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To establish a strong market presence and develop the initial platform.
- Venture Round
- Amount Raised: $1M
- Date: June 2013
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support early-stage growth and expand the customer base.
- Series B
- Amount Raised: $4M
- Date: April 2014
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance the platform's features.
- Series C
- Amount Raised: $13M
- Date: March 2015
- Lead Investors: Insight Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand market reach and improve service offerings.
- Series C
- Amount Raised: $15M
- Date: October 2015
- Lead Investors: Insight Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further scale the business and enhance technology infrastructure.
- Series D
- Amount Raised: $35M
- Date: January 2017
- Lead Investors: ICONIQ Growth
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and expand the network of restaurant partners.
- Series D
- Amount Raised: $100M
- Date: June 2018
- Lead Investors: Wellington Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance the platform and expand into new markets.
- Series D
- Amount Raised: $150M
- Date: April 2019
- Lead Investors: GIC, Lightspeed Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale corporate food solutions and enhance market presence.
- Secondary Market
- Amount Raised: Not publicly disclosed
- Date: July 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide liquidity to early investors and employees.
- Series D
- Amount Raised: $100M
- Date: December 2021
- Lead Investors: SoftBank Vision Fund
- Valuation at Round: $1.6 billion
- Motivation Behind the Round: To expand operations and business reach.
Total Amount Raised: $520.2M. Current Valuation: $1.6 billion.
Key Investors
- Insight Partners
- Details: Insight Partners is a global private equity and venture capital firm that invests in high-growth technology and software companies. Founded in 1995, the firm has a strong track record of supporting innovative businesses.
- Investment Focus Areas: Software, internet, data services.
- Notable Investments: Twitter, Shopify, Wix.
- SoftBank Vision Fund
- Details: SoftBank Vision Fund is a venture capital fund that invests in technology companies globally. Backed by SoftBank Group, it focuses on transformative technologies.
- Investment Focus Areas: Technology, AI, robotics, telecommunications.
- Notable Investments: Uber, WeWork, ByteDance.
- GIC
- Details: GIC is a global investment firm established to manage Singapore's foreign reserves. It invests across a range of asset classes in over 40 countries.
- Investment Focus Areas: Real estate, private equity, infrastructure, fixed income.
- Notable Investments: Ant Financial, Airbnb, Alibaba.
- ICONIQ Growth
- Details: ICONIQ Growth is a tech-focused investment firm that partners with visionary entrepreneurs. It provides capital and strategic support to help companies scale.
- Investment Focus Areas: Technology, software, internet companies.
- Notable Investments: Snowflake, Uber, Zoom.
- Lightspeed Venture Partners
- Details: Lightspeed Venture Partners is a multi-stage venture capital firm focused on accelerating disruptive innovations and trends in the enterprise and consumer sectors.
- Investment Focus Areas: Enterprise, consumer, health sectors.
- Notable Investments: Snapchat, Nest, GrubHub.
What's Next for ezCater?
As ezCater looks to the future, the company is poised to capitalize on the $300+ billion food-for-work market. With a network of 82,000 restaurants, the potential for growth is immense, particularly as businesses seek flexible and scalable food solutions to meet the evolving needs of hybrid work environments. This significant market opportunity could attract further investment, enabling ezCater to expand its operations and enhance its service offerings.
However, the path forward is not without challenges. The company must navigate a competitive landscape, maintain high service quality, and adapt to changing workplace dynamics. Despite these hurdles, the strong backing from high-profile investors like SoftBank Vision Fund 2 and ICONIQ Growth suggests that ezCater is well-positioned to continue its upward trajectory, potentially exploring additional fundraising rounds or strategic acquisitions to solidify its market presence.
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