food delivery

Southeast Asia’s Fave raises $20M and adds mystery strategic investor from China

So you thought group-buying was dead?! Not in Southeast Asia where Fave, a company that aims to connect local merchants with customers using discount sales, has closed a $20 million Series B round as it explores expansion opportunities. The startup began as fitness subscription service KFit, but it pivoted group-buying and coupons after it acquired Groupon’s businesses in Singapore, Malaysia and Indonesia. KFit continues to run, but the Groupon deal saw Fave CEO Joel Neoh return to the e-commerce space — Neoh previously started Malaysia-based GroupsMore which Groupon acquired within months of launch. He then went on to lead Groupon’s operations in Asia before leaving to start KFit in 2015. Fellow KFit/Fave co-founder Yeoh Chen Chow also spent time with Groupon as its regional operations di...

DoorDash raises another $250M, nearly triples valuation to $4B

Food delivery startup DoorDash announced this afternoon that it has raised $250 million, just five months since the company announced a $535 million round. Why raise more money so soon? CEO Tony Xu told Axios that he wasn’t actively looking for additional investment, but was open to investor interest because it could help the company expand more quickly. (Maybe he’ll have more to say about those plans at Disrupt SF next month.) The new funding was led by Coatue Management and DST Global. It sounds like the terms were pretty appealing too, with the valuation growing from $1.4 billion to $4 billion. In a blog post, the company said it’s had a good 2018, with deliveries increasing 250 percent year-over-year, restaurant chains like Chipotle and IHOP signing up and last week’s launch of the Das...

China’s Didi pumps $1B into its rebranded driver services business

Didi Chuxing is going pedal to the metal for its automobile services business after it announced it will invest $1 billion into the division, which is also getting a rebrand. The Chinese ride-hailing firm had been tipped to spin out the business and raise $1.5 billion from investors ahead of an IPO, according to a recent Reuters report. The business itself hasn’t spun out, however, but it has been renamed to Xiaoju Automobile Solutions and given more autonomy with the introduction of its own general manager. The division handles services for registered Didi drivers, such as leasing and purchase financing, insurance, repairs, refueling, car-sharing and more. Essentially, with its huge army of drivers, Didi can get preferential rates from service providers, which means better deals for its d...

A new $124 million for Brazil’s Movile proves that investors still see promise in Latin American tech

Brazil’s macroeconomic picture may be gloomy, but technology investors still see hope in the nation’s burgeoning technology sector — and a recent $124 million financing for the mobile conglomerate Movile is the latest proof that that the pace of investment isn’t slowing down. Brazil was already the hottest spot for technology investment throughout Latin America — with Sao Paulo drawing in the majority of the record-breaking $1 billion in financing that the region’s startups attracted in 2017. And with this latest funding for Movile, led by Naspers, that trend looks likely to continue. Indeed, Naspers investments in Movile (supplemented by co-investors like Innova, which participated in the most recent round) have been one of the driving forces sustaining the Brazilian startup community. In...

Indian food delivery startup Swiggy raises $210M at a $1.3B valuation

India’s food delivery race is hotting up after Swiggy, one of the startups vying for pole position, landed $210 million in new capital for expansion and joined the billion-dollar startup unicorn club. The investment is led by existing backer Naspers, the media conglomerate famous for an early bet on Tencent in China, and new investor DST Global. Others taking part in the round include returning investor China’s Meituan Dianping and (another new investor) Coatue Management. The deal takes Swiggy’s valuation past the $1 billion mark for the first time. Sources with knowledge of negotiations told TechCrunch that it values the company at around $1.3 billion. There’s perhaps not a tonne of surprise around today’s announcement since it has been rumored in the Indian press for some time, with Eco...

Deliveroo fattens its market presence by opening to restaurants that do deliveries

Restaurant food delivery startup Deliveroo is taking the next logical step to expand its business by opening up to restaurants that have their own delivery fleets — thereby also expanding the food choices it can offer its couch-loving users. Next month the company will launch the new service, called Marketplace+, in seven of its markets — onboarding restaurants that do their own food deliveries to its platform, and offering them the ability to tap into Deliveroo’s network of riders to extend their delivery services and support faster delivery times if they choose (it says restaurants will be able to “choose for themselves how best to offer delivery” but the impact on, for example, existing delivery fleet staff employed by larger food chains remains to be seen). Commenting on the launch in ...

Ride-hailing firm Grab launches new venture to back startups in Southeast Asia

Grab, the ride-hailing firm that acquired Uber’s Southeast Asia business, is aiming to catalyze the early-stage startup scene in Southeast Asia after it launched an accelerator and investment unit called Grab Ventures. The six-year-old company has already made investments and acquisitions — backing startups like Drive.ai and buying Indonesia’s Kudo and India-based iKaaz — and Grab Ventures will build on that by making 8-10 investments over the coming 24 month period, but it is also offering different kind of support. The firm will offer an accelerator program for “growth-stage” companies and play a hand incubating new services inside Grab, according to Chris Yeo, Head of Grab Ventures. That accelerator effort — called ‘Velocity’ — will launch its first intake before the end of the year wit...

Square has acquired a 32-year-old restaurant delivery company

Square has acquired Entrees On-Trays, a 32-year-old restaurant delivery platform. The plan is to expand the footprint of its on-demand food delivery service, Caviar, in the Dallas-Fort Worth, Texas area. There were a few factors Square took into consideration in its acquisition of Entrees On-Trays, Caviar product lead Gokul Rajaram told TechCrunch via email. For one, the acquisition is designed to accelerate Caviar’s growth in the Dallas-Fort Worth area and take advantage of the partnerships Entrees On-Trays has formed with local restaurants. Entrees On-Trays is “a lot like Caviar,” Rajaram said. “They have great relationships with restaurants, and they offer amazing service for diners.” Thanks to the acquisition, Caviar will be able to deliver from local favorites like Hoffbrau Steak and ...

Robomart is the latest startup to try and unseat the local convenience store

[embedded content] The startup assault on the humble neighborhood store continues to intensify. First came Bodega, the terribly named, and mostly misguided startup with its mission to bring the non-perishable necessities available at the corner store to the masses and “disrupt” the corner store. Now there’s Robomart, which wants to bring the groceries, baked goods and prepared foods of the supermarket aisle to your doorstep with a white-labeled service for wholesalers and big box retailers. The culmination of a ten-year vision from founder Ali Ahmed, Robomart is an autonomous grocery store department on wheels. Robomart is the serial entrepreneur’s latest startup. Ahmed, who first conceived of the rolling grocery store concept while an employe at Unilever ten years ago, went on to found Lu...

Malaysia’s Dahmakan chows down $2.6M for its end-to-end food delivery service

Dahmakan, a food delivery startup from Malaysia that graduated Y Combinator last year, has raised $2.6 million as it begins to explore the potential to expand its business across Southeast Asia. The startup distinguishes itself from the likes of FoodPanda and Deliveroo with an “end-to-end” approach to food, that’s to say that it cooks all dishes itself and dispatches them to customers, too. (That’s also called “full-stack” but perhaps “food-stack” is more appropriate.) Most important, it considers its food to be healthy rather than of the junk/variety — that’s just the right note for those (of us) on a New Year-powered health kick. Last year was a big one for the Kuala Lumpur-based startup. It raised $1.3 million in February and then went on to be part of YC’s summer 2017 program, becoming...

Uber rival Ola buys Foodpanda India to get into food deliveries

Ola, the Uber rival in India, is entering the food delivery space after it announced a deal to acquire Foodpanda’s India business from its parent company DeliveryHero. The deal will see Ola scoop up the Foodpanda India business with DeliveryHero taking an undisclosed amount of Ola stock in exchange. Undisclosed all-stock deals are usually indicative of a willingness to sell, and we have heard that DeliveryHero has been shopping its Indian business around. Further: Saurabh Kochhar, who headed Foodpanda India, has also “decided to move on to pursue other opportunities,” according to today’s announcement. Ola founding partner will interim CEO until a permanent replacement is found. Nonetheless, Ola — which is now at around two million rides per day — is an ideal buyer. The company is in the m...