Lunchbox Raises $50M Series B Funding to Shake up the Restaurant Industry
The revolutionary food tech company will use funds to accelerate product research and development and expand teams across several departments. Company brings on new COO from General Assembly.
01 Feb, 2022, 08:58 ET
NEW YORK, Feb. 1, 2022 /PRNewswire/ -- Lunchbox, a collection of modern and creative online ordering solutions for enterprise restaurant chains and ghost kitchens, today announced the closing of a $50 million Series B funding round led by Coatue with participation from existing investors Primary and 645 Ventures as well as executives from DoorDash, Sweetgreen, and &pizza.
Since announcing their Series A in October 2020, Lunchbox has saved restaurants over $35 million that would have otherwise gone to third-party ordering platforms. Restaurants including Bareburger, Clean Juice, Fuku, Little Sesame, Sticky's Finger Joint, and Tacombi use Lunchbox's technology. This announcement comes on the heels of Lunchbox's acquisition of Spread, an online marketplace that connects restaurants with diners. Lunchbox has also created a first-of-its-kind digital food hall with C3 that allows restaurant groups to create an experience where guests can order from multiple brands in one cart.
The new funds will accelerate product research and development to meet an increased demand for brand-first restaurant technology. The company currently offers a suite of products including: web and app ordering, loyalty programs, channel marketing, and Lunchbox Studio. In late 2021, Lunchbox unveiled new products built for ghost and virtual kitchens. This new funding will also be used to bring on top-tier talent to elevate across departments.
"We've built a transformative food tech company by creating products designed by restaurateurs for restauranteurs," says Nabeel Alamgir, CEO, and Co-Founder of Lunchbox. "The pandemic forced restaurants to understand and quickly adapt to new technologies in order to stay afloat and we're here to help. At its core, Lunchbox is committed to building exceptional tools that will help restaurants everywhere.
In conjunction with the funding, Lunchbox is announcing a new member to its executive leadership team. Kieran Luke was named as Chief Operating Officer at the start of the year to oversee all operation functions and products across the organization. Kieran was previously Chief Operating Officer at General Assembly, where he focused on providing Enterprise clients with assessment and training products.
"The last three years have been very exciting for Lunchbox. We have been following them since 2019 and we have been continually impressed by Nabeel's far-reaching vision," said Rahul Kishore, Senior Managing Director of Coatue. "We believe that the key differentiating factor between Lunchbox and other companies is its ability to create engaging and long-lasting relationships between brands. We're so proud of the team's accomplishments and we're looking forward to helping them scale and revolutionize the restaurant industry."
Brad Svrluga, General Partner and Co-Founder of Primary, a continued strategic investor in Lunchbox adds, "There was one thing that immediately stood out to us from Lunchbox's earliest days: this team has a unique and compelling commitment to being a truly aligned partner to their restaurateur customers. While other delivery platforms take a pound of flesh with delivery fees and gatekeep valuable customer data, Lunchbox's flat monthly fees and transparent data sharing, analysis, and remarketing tools truly help restaurants grow their profits, not just their top line. We knew this was special back when the team was just six people; we never in a million years could have predicted how COVID-19 would create the urgent need for this exceptional product nor how consumers would become so accustomed to getting fast, frictionless delivery."
Lunchbox is hiring for multiple roles across talent, engineering, and marketing. Vist Lunchbox for more information.
Lunchbox is a collection of modern and creative online ordering solutions for enterprise restaurant chains and ghost kitchens. Lunchbox is the operating system for managing a restaurant's entire digital experience — with powerful and fully-stacked tools and integrations for online order management systems, apps, loyalty, and more. Lunchbox empowers restaurants to increase sales and strengthen guest engagement through owned data, in-house solutions, and design & marketing support. To learn more, visit www.lunchbox.io.
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