With funding dollars drying up in the current economic climate, this recent round of financing is a show of confidence from the investment community. We plan to continue GrubHub.com's rapid geographic expansion and launching innovative tools to make off premises dining easier and faster over the next year.
Chicago, IL (PRWEB) March 24, 2009
The Series B funding will enable the company to build the largest online network of restaurants that deliver, create new innovative products to enhance user experience and improve the quality of delivery service. GrubHub.com is currently operating in Chicago, IL., New York City, NY, San Francisco, CA, Boston, MA, and recently launched in Philadelphia, PA.
"Over the last year, GrubHub.com has successfully accelerated its sales growth in the top metro delivery markets." said Randy Rissman, Leo Capital managing partner. "This investment will allow GrubHub.com to continue to build the technology and business team required to expand its customer reach geographically and product wise."
GrubHub.com, which first launched in Chicago in 2004, secured Series A funding in 2007 through Amicus Capital, Origin Ventures and several angel investors, allowing the company to rapidly expand into three top delivery markets - New York City, San Francisco and Boston. The company has quickly outpaced its initial goals. Last year, GrubHub.com placed over $20 million in restaurant delivery orders and is currently partnered with over half of the delivery restaurants in all its existing markets.
"We've seen healthy growth over the last year even though the economy has been steadily going in the opposite direction," said Matt Maloney, GrubHub.com co-founder and CEO. "With funding dollars drying up in the current economic climate, this recent round of financing is a show of confidence from the investment community. We plan to continue GrubHub.com's rapid geographic expansion and launching innovative tools to make off premises dining easier and faster over the next year."
GrubHub.com has been a pioneer in online ordering, developing the first automated phone confirmation system for online restaurant delivery orders and the first iPhone application for ordering food. The company was also at the forefront of organizing and listing all restaurant delivery information in each market it services. With the new funding, GrubHub.com will continue to enhance its product development and technology with additional smart phone applications and new interactive consumer-facing content on the site.
GrubHub.com is currently searching for rock star employees to add to its growing team. For more information, please visit http://www.grubhub.com/careers/.
GrubHub.com came into existence in 2004. Matt Maloney and Mike Evans, two Chicago software developers, frustrated by the lack of restaurant delivery and takeout information available on the Internet, built a comprehensive Web site for users to find out who delivered to their exact addresses.
For more information or to discover who delivers anywhere in Chicago, San Francisco, Boston, New York and Philadelphia, visit http://www.grubhub.com.
About Leo Capital
Leo Capital Holdings, LLC is a privately funded venture investor based in Northbrook, IL., making investments in early stage consumer-oriented companies. The firm works with companies that target large markets and makes investments across the United States.
About Origin Ventures
Origin Ventures is a venture capital firm based in Northbrook, IL., investing in early-stage companies. The firm invests capital and leverages its principal's entrepreneurial, marketing and management expertise to help facilitate the growth of early-stage companies.
About Amicus Capital
Amicus Capital is a seed stage information technology investment fund, based in San Francisco, CA. The firm invests in entrepreneurs who are developing innovative information technology solutions to problems that affect large numbers of businesses or consumers.