Total amount raised
$242.9 Millions
Latest funding date
06/01/2022
Location
Title
Sharebite has successfully raised significant funding over multiple rounds, attracting a diverse group of investors. The platform focuses on providing mission-driven meals, emphasizing social impact and community-driven initiatives.
Keep reading to explore the intricacies of Sharebite's fundraising journey and the investors backing this innovative platform.
What Is Sharebite?
Sharebite, founded in 2015, is headquartered in New York City. The company was established by Dilip Rao and Mohsin Memon.
Sharebite focuses on providing mission-driven meals, emphasizing social impact and community-driven initiatives. The platform partners with local restaurants to deliver meals to corporate clients while donating a portion of the proceeds to help combat hunger.
With a team of over 50 employees, Sharebite continues to grow and expand its reach, making a significant impact in the food service industry.
How Much Funding Has Sharebite Raised?
- Series B Round
- Amount Raised: $39 million
- Date: June 2022
- Lead Investors: Prosus
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand Sharebite's market share, launch new products, and develop AI-powered tools to enhance the meal-ordering experience.
Sharebite has raised a total of $56 million to date. The current valuation is not publicly disclosed.
Key Investors
- Prosus
- Details: Prosus is a global consumer internet group and one of the largest technology investors in the world. It operates across various sectors, including online classifieds, food delivery, and fintech.
- Investment Focus Areas: Consumer internet, technology, fintech
- Notable Investments: Tencent, Delivery Hero, OLX
- Fiserv
- Details: Fiserv is a global provider of financial services technology, offering solutions in payments, processing services, risk and compliance, and customer and channel management.
- Investment Focus Areas: Financial services technology, payments, risk and compliance
- Notable Investments: Clover, First Data, Ondot Systems
- Contour Venture Partners
- Details: Contour Venture Partners is a venture capital firm focused on early-stage investments, particularly in the New York City area. They invest in companies that leverage technology to create innovative solutions.
- Investment Focus Areas: Early-stage technology, fintech, enterprise software
- Notable Investments: BounceX, Datadog, OnDeck
- Reign Ventures
- Details: Reign Ventures is a venture capital firm investing in early-stage technology companies. They focus on supporting diverse founders and innovative business models.
- Investment Focus Areas: Early-stage technology, consumer tech, enterprise software
- Notable Investments: The Wing, The Muse, Blavity
- London Technology Club
- Details: London Technology Club is an investment club that focuses on technology investments. They bring together investors and technology leaders to support high-growth tech companies.
- Investment Focus Areas: Technology, fintech, health tech
- Notable Investments: Revolut, TransferWise, Darktrace
What's Next for Sharebite?
Sharebite is poised to capitalize on the growing demand for centralized food ordering and expense management solutions. With over 250 corporate clients and partnerships with entities like WeWork, the potential for market expansion is substantial. The introduction of fintech products like Sharebite Passport further broadens their reach, offering flexible meal allowances and enhancing user experience.
Future fundraising efforts are likely to focus on technological advancements and expanding market share. The successful Series B round sets a strong precedent for attracting more venture capital and strategic investors. However, Sharebite will need to navigate challenges such as competition from established players like Grubhub and adapting to evolving work environments, including hybrid and remote models.
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