EatStreet Series B Reaches $10 Million, Advances Mobile Platform

MADISON, Wis., Oct. 8, 2014 /PRNewswire/ -- EatStreet, an online and mobile food ordering service in over 1,100 cities nationwide, attracted an additional $4 million in funding from 4490 Ventures and the State of Wisconsin Investment Board (SWIB) to increase its Series B investment to $10 million. EatStreet will use the new funding to further advance its iOS and Android apps and accelerate growth.

Having raised $6 million in April of this year, EatStreet has redesigned its website and mobile apps, adding features that allow diners to schedule orders in advance, pay with PayPal, and earn exclusive coupons at local restaurants. "We made UX on mobile a top priority," explained Matt Howard, CEO & co-founder of EatStreet. "In 2014 we've proven we can sign restaurants at record pace - over 1,500 per month - while still maintaining the quality customer service our restaurants deserve. When we rolled out our redesign in September, we began to prove the true strength of our mobile products to our diners."

Coinciding with the product redesign was an aggressive marketing blitz in September, heavily concentrated at major university campuses across the country. An expanded budget combined with increased mobile traffic led to over 300% year-over-year growth in sales and active diners. EatStreet has also had success integrating into the Yelp Platform, where online users can order food directly from thousands of restaurant pages on Yelp, courtesy of EatStreet's ordering platform. This relationship has paved the way for additional partnerships currently in development.

EatStreet now orchestrates digital loyalty programs with its restaurants where diners can earn coupons they cannot get anywhere else. Restaurants attract repeat business, while diners easily acquire and redeem digital coupons only found in the EatStreet app. "We've seen great initial traction with over 2,000 restaurants opting in to our loyalty program," said Howard. "As we approach 20,000 total restaurant partnerships and develop a more personalized app experience, we see an exciting value-add for our diners on the horizon."

With the additional $4 million in funding, Howard plans to fuel the current growth, expand into new markets, double the engineering team, and build out more mobile features. "This investment will allow EatStreet to remain dynamic as we continue our nationwide expansion," said Howard.

Contact: Danny Mulligan, 608-535-1241, [email protected]

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SOURCE EatStreet