Mobile Food Ordering Service EatStreet Raises $6 Million
EatStreet, an online and mobile food ordering service in over 75 U.S. cities, secured $6 million in a Series B funding.
It comes with participation from Cornerstone Opportunity Partners, Independence Equity, Great Oaks Venture Capital, CSA Partners, Silicon Valley Bank, and angel investors.
According to EatStreet, it will use the new funding to expand into additional markets, double its workforce, and remain at the vanguard of technological development.
“There’s a tremendous amount of excitement about our industry right now,” said Matt Howard, CEO & co-founder of EatStreet. “We feel the opportunities for growth and innovation within the online food ordering space are vast.”
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Since its inception in 2010, EatStreet says it has recorded an average annual sales growth of 300%, a rate which the additional capital is intended to accelerate.
EatStreet added over 3,000 restaurants in the last three months alone, putting the company on pace to provide service for over 15,000 restaurants in upwards of 150 cities by the end of the year, says the company.
A portion of new funding will go toward enhancing the customer ordering experience.
“We’ve developed a very aggressive product roadmap which places a strong emphasis on mobile. Our iPhone and Android apps, as well as our mobile website are all getting revamped,” says Howard.
Founded in 2010, EatStreet is a privately held company based in Madison, WI. In addition to an online ordering platform, EatStreet also offers restaurants custom websites, mobile ordering, and Facebook ordering.
