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DAG Ventures and Benchmark Capital Lead $20 Million Investment in Series D Funding Round for GrubHub
March 10th, 2011 1 comment
Based in Chicago, Illinois, GrubHub is a company which links up mobile connections with restaurants and other eateries throughout the United States. The company has announced on March 10, 2011, that it has secured a $20 million series D funding round, which was led by DAG Ventures and Benchmark Capital. Other investors who participated in this funding round have not been disclosed by the company. The series D funding round began in November 2010, when Benchmark Capital first started the initial investment of $11 million.
Proceeds from this funding round will go to help GrubHub continue to invest in R&Ds and other acquisitions of new mobile applications to help the company expand its services to new markets.
GrubHub is a pioneer in the industry. The service platform that it provides allows mobile device users to find restaurants and other eateries in their area or in other areas if they are traveling. The company was founded in Chicago by two entrepreneurs with a vision, Matt Maloney and Mike Evans in 2004. GrubHub works on a website, on which users can go on and download apps for iPhones and other smartphones that can allow them to locate restaurants around the US.
GrubHub has been a success story from the very beginning. In the beginning of the company’s life, it was awarded the prestigious award of the New Venture Challenge provided by the University of Chicago. After winning this award, the company was successful in quickly receiving series A funding in 2007 by Amicus Capital. Angel investors also invested in the company’s beginning and through the course of its early life, GrubHub has rapidly expanded into three major markets which include New York, San Francisco, and Chicago. The company currently serves the dining needs of consumers in those mentioned cities along with Los Angeles, San Diego, Washington DC, and other cities.
The service that GrubHub offers is free to restaurants who pay with cash credit, or PayPal. The technology that GrubHub provides is always evolving. Recently, the company has launched an Android app for beta testing and GrubHub has also announced that it will be launching a new iPhone app for beta testing in September of this year. GrubHub earns its profits from eateries who pay commissions after customers have been referred from its apps to them.
According to Mr. Maloney, who is also the company’s CEO, currently there are over 13,000 different restaurants, diners, and other types of eateries who are registered with GrubHub. The service that GrubHub provides meets an unmet need in this age of technology. With many people being frustrated about not finding a good place to eat quickly when they have a busy schedule, the service that GrubHub provides for an efficient way to help consumers find restaurants of their tastes. Before choosing a restaurant at GrubHub, consumers can first look at each restaurant’s menu, prices and other information to help them make the choice.
John Cadedeu, Managing Director at DAG Ventures further stated that GrubHub has proven its leadership in the emerging market of online and mobile restaurant orders. The company has proven itself to be a good opportunity for DAG Ventures by demonstrating the stamina the company has and its ability to double its growth in such a short time.
Bill Gurley of Benchmark Capital reiterated much of what Mr. Cadedeu has stated about GrubHub. Mr. Gurley went further to say that he is quite impressed with the progress the company has made in the past few years. He believes that this additional funding will allow GrubHub to expand and eventually hold a large stake in the online dining market.
Founded in the 1980s, DAG Ventures become one of the nation’s leading venture capital firms in the tech industry with originally investing in the new cable television ventures of the time of its inception. The firm is currently based in Palo Alto, California, and invests in companies who are in the wireless, software, and tech industries. Some other companies who are in DAG’s portfolio include Yelp, AdBrite, Chegg, Ketera, Cosmix, and others.
Benchmark Capital is a prominent venture capital firm which was founded in 1995 with the aim of helping gifted entrepreneurs with unique ideas build world-class companies. The firm is based in Menlo Park, California. Other companies in Benchmark’s portfolio include Ariba, Axiom, eBay, Grockit, Handspring, Mint, Ofoto, Odesk, and others.
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