NEW YORK--(BUSINESS WIRE)--Sharebite, the leading mission-driven food ordering platform built exclusively for workplaces, announced the completion of its $15 million Series A funding round to drive exponential growth and further strengthen its leadership in the corporate food ordering space. Impact-driven and minority-led investment firm Lafayette Square led this round along with the founders and former executives of Seamless (now part of GrubHub) and Delivery Hero, the leading European food delivery platform.
Sharebite’s laser-focus on developing food ordering solutions for the workplace has allowed it to establish a strong foothold within the larger food delivery space. The company’s enterprise-focused technology, which allows firms to easily manage food ordering and expense allocation across all levels of the organization, has allowed it to secure exclusive relationships with the most prestigious investment banks, law firms, asset management firms and other professional service firms in the country such as Credit Suisse, Neuberger Berman, Cravath and Sullivan & Cromwell. In 2020, while the pandemic shuttered cities across the country, Sharebite was successful in preparing companies focused on bringing employees back to the office and grew its contractual business by 400% while also significantly bolstering its new business pipeline.
“With the launch of Sharebite Stations in November 2020, Sharebite was able to provide a post-pandemic lunch solution for its clients while also extending the benefits of its platform to businesses of all types across the country. Companies that historically ordered buffet style catering or had in-house cafeterias are now looking for new solutions in the post pandemic world that are not only safer, but also reduce waste,” says Mohsin Memon, COO and Co-founder of Sharebite.
Sharebite Stations offer companies a safe solution for providing food perks and lets employees avoid buffet lines or crowded elevators and restaurants during the lunch rush. Orders are placed using Sharebite’s group order technology from curated and popular local restaurants such as Chopt, Dig, Naya, Dos Toros, Veggie Grill and many others. The orders are then individually packaged, labeled, delivered and placed in designated areas within an office, ensuring a true contactless ordering experience. Orders are batched into drop-off windows, allowing employees to avoid increasingly expensive fees charged by other delivery platforms.
Demand for Sharebite Stations has grown tremendously since launch with companies like WeWork, Coinbase, Better.com, McKinsey and Horizon Media recently coming on board and hundreds of companies nationwide in Sharebite’s pipeline for deployment.
“This capital raise is a testament to our team’s unrelenting focus on innovating and building the gold standard of corporate food ordering technologies. As we begin our next phase of growth, this funding will accelerate our strategy as companies look to reopen their offices and reimagine the post-pandemic workplace,” says Dilip Rao, CEO and Co-founder of Sharebite.
Sharebite is the first food technology investment made by Lafayette Square, which launched in late 2020 with the goal of making investments that drive sustainable impact. Additional investors participating in this round include Seamless founders Paul Appelbaum and Todd Arky, Delivery Hero founder Lukasz Gadowski, Essential Capital, Liberty City Ventures, Percy Capital, Reign Ventures, River Park Ventures and London Technology Club. With this new funding, Sharebite will focus on accelerating the expansion of Sharebite Stations, its highly in-demand contactless ordering solution for workplaces, across major U.S. metropolitan markets as more employees return to the office.
“We are proud to support Sharebite, a company focused on local communities through its impact-oriented and purpose-driven model that disrupts corporate food delivery,” says Damien Dwin, Founder and CEO of Lafayette Square.
Sharebite allows companies to centrally manage employee food ordering and facilitate contactless deliveries at designated drop-off points inside office buildings. Group orders can be customized to each company’s specific needs, and restaurants can be rotated on a daily basis thanks to the multitude of options available through Sharebite’s extensive network of restaurant partners. These restaurant partners benefit from the economies of scale associated with preparing and delivering large quantities of orders in batches that are ordered in advance. Each order placed via Sharebite results in a donation made to City Harvest, specifically to help alleviate childhood hunger in local communities.
“We are eager to welcome our employees back to the office and reimagine the workplace experience. Sharebite provides a safe and convenient way for our community to enjoy the best food our city has to offer, while enabling our firm to reinvest in local small businesses and help them recover from this pandemic,” says Eileen Benwitt, EVP & Chief Talent Officer, Horizon Media.
To learn more about Sharebite, visit www.sharebite.com
Sharebite is a mission-driven food ordering platform built exclusively for workplaces. Companies that partner with Sharebite save money, inspire their workforce, support local restaurants, and commit to helping the community. Core to Sharebite’s mission is the belief that each and every stakeholder must benefit from the existence of Sharebite. Every order placed on the Sharebite platform results in a donation made to alleviate childhood hunger in local communities, via its partnership with City Harvest. Sharebite’s restaurant partner network includes over 3,000+ merchants across the United States, which are all curated specifically for corporate clients. Sharebite’s corporate clients include a majority of the top law firms in New York City, along with many of the most prestigious investment banks, private equity & hedge funds, tech companies, consulting firms, marketing agencies and real estate firms across the country.
Sharebite is headquartered in New York City, with operations in Chicago, the Bay Area (San Francisco/Oakland), Austin, Charlotte, Irvine, and Washington, DC.
About Lafayette Square Capital
Lafayette Square Holding Company, LLC ("Lafayette Square" or the "Firm") is an impact-driven, minority-owned investment platform. Founded by Damien Dwin in 2020, the Firm confronts critical societal challenges with capital and services in three core areas: housing, jobs, and financial inclusion. For more information about Lafayette Square, please visit lafayettesquare.com