Sharebite Bags $39M To Expand Its Corporate Food Ordering Program
Sharebite featured in TechCrunch
Sharebite, a startup that partners with restaurants to deliver food to corporate clients, today announced that it raised $39 million in a Series B round led by Prosus with participation from Fiserv, Contour Venture Partners, Reign Ventures, London Technology Club and Not Boring Fund. Co-founder and CEO Dilip Rao tells TechCrunch that the proceeds will be put toward expanding Sharebite’s market share, launching new products and developing AI-powered tools to “enhance the meal-ordering experience.”
Rao and Mohsin Memon, Sharebite’s other co-founder, were inspired to launch the company in 2015 after spending years working at Wall Street firms. Mohsin was an analyst at Bank of America, while Rao finished a tenure at Goldman Sachs to join Credit Suisse as an investment banker.
“When combined with sophisticated technology, an employee food benefit becomes the great equalizer, as it applies universally to employees, regardless of rank, location, tenure, or geography. The fact is, everyone eats."
Certainly, there’s no shortage of food ordering startups focused on the enterprise. While the transition to work-from-home during the pandemic made office-dependent ventures a riskier bet, there’s been signs of a rebound in hubs like New York City. Fueled by venture backers, companies like Dejbox are designing their own meals and working with other companies to cook, sell and deliver them to office workers. In a twist on the formula, Snackpass, which in June raised $70 million at an over $400 million valuation, lets office workers create group food and drink orders.
As for Sharebite, it’s designed to help companies centralize food ordering and expense management for employees both in-office and remote, Rao explained. The platform provides workers with a curated selection of meals from a network of thousands of restaurants, from which they can place orders to have them delivered to their home or apartment or a dedicated pickup spot in the office.
On the back end, employers can see individual employee’s and teams’ receipts, reimbursements and pending requests. Admins have the ability to assign allowance limits and select restaurant partners. Ahead of events and team orders, managers receive an email giving them the choice of three to five restaurants selected based on the staff’s needs and the office manager’s criteria.
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