Sharebite snags $39M to expand corporate food ordering program
Sharebite, a corporate food delivery platform, has raised $39 million to expand its program, launch new products and develop its meal-ordering tools.
Why it matters: As companies adapt to a changing workforce and increasing competition for top talent, few startups are offering benefits that make it easier for workers to order food on the company's dime.
- Companies are looking for ways to engage employees and remind them they’re still connected to an enterprise, especially in a hybrid work environment, CEO Dilip Rao tells Axios. They use food as “an incentive mechanism to sort of pull you in,” he says.
Details: The Series B round was led by Dutch-based technology investor Prosus, and marks its first investment in the U.S. food tech space. Fiserv and Contour Venture Partners participated.
Context: The company is hoping to take a bite out of the $150 billion-plus global food delivery market, according to McKinsey.
- Sharebite’s rivals include Snackpass, which raised a $70 million round last June, and French delivery platform Dejbox.
How it works: Partnered with thousands of restaurants, Sharebite centralizes food ordering and expenses for both in-office and remote employees.
- Workers can order through its platform while at work or buy a meal at any restaurant or third-party platform using a payment card, similar to a commuter benefit card.
- Companies can set an allowance, and any remaining balance is charged automatically to a personal card in the same transaction.
- Companies can also track an employee’s receipts, reimbursements and requests through Sharebite.
What’s next: Rao expects to double or triple the number of corporate clients that it adds to the platform.
- In the future, he hopes the company can grow globally, as many of its clients conduct business around the world.