GIC, SoftBank backs food startup ezCater in US$100m funding round

[BENGALURU] EzCater raised US$100 million in a late-stage funding round led by SoftBank's Vision Fund 2, the company said on Wednesday (Dec 15), valuing the corporate food startup at US$1.6 billion.

The series D-2 funding round, which brings total funds raised by ezCater to US$425 million, also saw participation from Quadrille Capital, GIC, Iconiq Growth, Insight Partners, Invus and others.

The Covid-19 pandemic saw revenue at ezCater plunge 85 per cent, according to the Boston-based company's statement, as non-essential workplaces shut.

EzCater started off from feeding 1-off meetings and has now expanded to corporate food solutions. It has also exceeded its pre-pandemic revenue run rate, the company said.

The company has fuelled expansion through acquisitions. In 2019, it acquired Vancouver-based MonkeySoft Solutions, a software company that helps restaurant operators grow sales. In July 2018, it also bought Paris-based online catering platform GoCater.

The company that counts JLL, RingCentral and the San Francisco 49ers among its customers, connects businesses with restaurants and caterers through an online platform. It was founded by Stefania Mallett and Briscoe Rodgers in 2007.

REUTERS