Goldbelly, a mobile-first, consumer-driven social media app, recently raised an equity round led by Spectrum Equity. In addition to its funding, the company announced plans to expand and hire new executives.
Funding round led by equity firm Spectrum Equity
Goldbelly, a New York City-based food e-commerce company, is receiving $100 million in investment funding from equity firm Spectrum Equity. According to the company, this round will be used to scale its platform and create new content initiatives.
The company plans to add new chefs, expand its restaurant partners, and accelerate onboarding of new restaurants. It also wants to create more interactive experiences for consumers. Aside from ordering from restaurants, customers can take part in live cooking classes hosted by celebrity chefs.
Earlier this year, the company secured an oversubscribed $80 million financing round. Currently, it has 850 restaurant partners in 50 US states.
The company’s growth in 2018 has been tremendous. In the last year, it added more than one million new customers. Additionally, the company’s overall business grew 300%.
In 2019, the company plans to add more chefs, expand its restaurant partners, and accelerate the onboarding of new restaurants. As it expands, it plans to offer livestreamed cooking classes with celebrity chefs.
The company is also in talks to raise additional funds. This round is led by Spectrum Equity and will bring in investors such as Intel Capital, Chipper Cash, and Intel Capital.
Goldbelly is a food e-commerce platform that has 850 restaurant partners across the US. The platform features dishes from renowned restaurants, including Zahav, Wayfare Tavern, Union Square Cafe, and more.
New executive hires
Goldbelly is a restaurant e-commerce platform based in New York City. The company is working with over 850 restaurants across 50 states. It allows chefs to sell their signature dishes. These fully cooked meals are delivered nationwide.
This new company has a unique value proposition. They charge a small fee for shipping food, and restaurants can ship directly from their premises. Although it’s still in its early days, Goldbelly has already partnered with renowned restaurants like Zahav, Commander’s Palace, and Wayfare Tavern in San Francisco. Moreover, Goldbelly has a strong team of over 130.
Goldbelly also plans to offer livestreamed cooking classes from celebrity chefs. A recent study found that 56 percent of adults would purchase meal kits from their favorite restaurants. However, the novelty of such a purchase may fade as more people turn to eating on-premise.
The company’s latest round of funding was led by Spectrum Equity and Intel Capital. The company received an undisclosed valuation.
In addition to the $100 million Series C funding, Goldbelly also announced two C-suite hires. First, Ranjith Roy, a former Goldman Sachs exec, joined as chief financial officer. Miller, a former 1st Dibs chief commercial officer, was also named chief operating officer.
Although the company’s business model is relatively new, they’ve already been able to help 400 restaurants survive lockdown orders. That’s a lot of food to transport, and it takes about a day to get the meal to your door.
Expansion plans
Goldbelly is a food e-commerce platform that allows you to order from your favorite restaurants. They have partnered with some of the country’s top chefs and local eateries. You can order their signature dishes from 850 locations in 50 states.
The company’s mission is to empower small local businesses by making it easy to deliver delicious, local foods nationwide. Their team of “food explorers” travels the country in search of the region’s finest foods.
Their latest funding round includes Intel Capital and Spectrum Equity. This investment enables them to scale operations and introduce new content initiatives. With the extra cash, Goldbelly will be able to bring on more employees, add more chefs and develop more interactive experiences.
Goldbelly has been around for nearly eight years and boasts more than a thousand restaurant partners across the country. Some of its best known restaurants include Union Square Cafe in New York City and Zahav in Philadelphia. It is also one of the first e-commerce companies to offer logistics services.
In fact, Goldbelly’s customer base grew 300% last year, and they added almost one million new customers in 2020. At the same time, they added over 400 new restaurants to their growing network.
The company started with a modest seed fund of $200,000. Over the past eight years, Goldbelly has expanded to over 160 workers and has garnered a number of investors.
