Felicis Ventures is a venture capital firm based in Menlo Park, California. The firm invests in seed through Series C stage companies across multiple sectors and industries reinventing core markets, as well as those creating frontier technologies. Felicis currently manages over $2B in capital across 8 funds. The firm is an early backer of more than 40 companies valued at $1B+. More than 90 of its portfolio companies have been acquired or gone public since the firm was founded by Aydin Senkut in 2006.

Felicis

Base10 is an early-stage venture capital firm investing in the automation of the real economy. They bring automation to traditional sectors of the economy.  Today, the company has backed nearly 30 companies. Base10 creates industry teams that consider what is going to happen in the next five years, and then call the companies they see playing a role. It either turns into an investment, or Base10 will follow the company for 18 months. It is based in San Francisco, California, and was founded in 2017.

Base10 Partners

Bedrock is an early stage venture capital firm in search of narrative violations: technology businesses that are overlooked or underestimated because they are incongruent with popular narratives. The firm is primarily focused on leading Series A and B rounds.

Bedrock

Chapter One Ventures is an early-stage seed fund created by Jeff Morris Jr.

Chapter One Ventures

Mantis is an early-stage fund that invests in consumer tech, media/entertainment, and fintech companies. Mantis VC is a partnership between The Chainsmokers and experienced Venture Capital professionals and entrepreneurs Milan Koch and Jeffrey Evans that focuses on consumer technologies in the areas of Media and Entertainment, Fintech, and Health and Wellness. Founded in 2019, Mantis VC is based in Los Angeles, California.

MANTIS Venture Capital

Founded in 2001, Tiger Global Management, LLC (“Tiger Global”) is a New York-based investment firm pursuing a long-term approach to investing in leading, global public and private companies that leverage technological innovation. Tiger Global’s public equity business includes fundamentally oriented long/short, long-focused and crossover strategies, targeting investments in high-quality, public growth companies. The private equity business invests in early through late stage companies that pursue innovative approaches to new and existing industries, building on over 20 years of experience investing in hundreds of businesses in more than 30 countries with more than 90 portfolio company IPOs. With a strong track record investing across sectors and stages, Tiger Global aims to be a thought partner to companies and their management teams across their lifecycle in public and private markets. The Firm’s mission is to generate world-class returns for its investors and to do so in a way that makes its employees, partners and portfolio companies proud.

Tiger Global Management

Salesforce Ventures helps enterprising founders build companies that reinvent the way the world works.  they’ve invested in and partnered with more than 400 of the world's tenacious enterprise software companies  Salesforce Ventures leverages decades of expertise in the cloud and long-term relationships with key decision-makers at thousands of businesses around the world to give portfolio companies an unfair advantage, help them build credibility, and accelerate growth.

Salesforce Ventures

Popmenu

Popmenu is a SaaS company that helps restaurants turn their menu into a customer conversion engine. Its cloud-based marketing and customer engagement platform use smart algorithms to track and convert menus, feedback, customer ratings, and related information into an interactive forum for hotels and customers to communicate directly with each other and access personalized menu and restaurant recommendations in real-time. The platform enables businesses to take control of their menu and increase customer engagement. The company was founded in 2016 and is headquartered in Atlanta, Georgia.

<div>Launched in 2016, Popmenu is an online ordering and marketing platform for restaurants that provides services such as web design, dynamic menu technology, automated remarketing, contactless menus, direct ordering, and delivery.&nbsp;</div>

From fast food to fine dining, everything but the kitchen sink is suddenly just a tap away.

Online Food Delivery

Water is Becoming a Preferred Drink as 50% of Consumers Dine Out for December Holidays, Popmenu Study Finds

<div>
 
 Launched in 2016, Popmenu is an online ordering and marketing platform for restaurants that provides services such as web design, dynamic menu technology, automated remarketing, contactless menus, direct ordering, and delivery.&nbsp;
 
 
 The platform is designed to turn more first-time guests into regulars through the use of customer intelligence and target marketing. The Popmenu website uses customer data (follower management, social media integration, review management) and marketing tools (SMS marketing, Automated Email, and marketing offers) to re-engage guests after their first order.&nbsp;
 
 
 The company&rsquo;s software is priced at a monthly fee starting at USD 269 per location, with commission-free online ordering and no setup or build fees. According to Popmenu, customers will remain locked in at their starting price indefinitely.&nbsp;
 
 
 To expand its product offering, the company announced plans to acquire OrderNerd, a solution provider for online ordering and delivery, in October 2021. This acquisition builds on Popmenu&rsquo;s product strategy of bolstering its customer-facing tools for restaurants.
 
 
 Popmenu had partnered with more than 6,000 restaurant locations, as of October 2021. 
 
 
 &nbsp;In June 2021, the company raised USD 65 million in Series C funding. The round was led by Tiger Global Management and included the participation of new investor Salesforce Ventures, along with existing investors Bedrock Capital, Base10, and Felicis Ventures. The fresh capital raised is intended to accelerate the development of &ldquo;Popmenu Max,&rdquo; a patented menu technology utilizing AI to attract, engage, transact, and do remarketing. Popmenu Max allows restaurants to decide how high-tech they would like their customer experience to be.&nbsp;
 
</div>

DoorDash operates an online food delivery platform, connecting restaurants with customers, across the US, Australia, Canada and Japan. As of February 2022, the company was the market leader in the US among OFD players, with an estimated 58% market share according to Bloomberg Second Measure. Its US operations span over 4,000 cities, with more than 400,000 restaurant partners servicing over 18 million customers, as of April 2021. DoorDash is one of the first startups (along with Postmates) to offer a delivery facility through an aggregator platform, which competitor GrubHub only started in 2015. The company has also expanded into grocery and convenience store delivery over the last 2-3 years, with a hybrid business model consisting of a mix of supermarket partnerships and its own network of dark stores. As of June 2022, the company operated in 27 countries including the US, Canada, Japan, Germany, Australia, Israel, and New Zealand as well as countries in the Nordics, Baltics, Eastern and Central Europe, and the Caucasus.Prior to the pandemic, DoorDash charged restaurants a commission of up to 30% of order value, and a service or delivery fee from customers, depending on the type of service (takeout or delivery). However, during the height of the Covid-19 pandemic, third-party delivery platforms were criticized for their heavy commission fees, with several cities across the US imposing a temporary 15% delivery commission cap to support restaurants, given their higher dependency on third party food delivery providers. In response, DoorDash introduced a new three tiered commission structure for US restaurants (with less than 75 locations) in April 2021, ranging between 15%-30% delivery commission (+6% pickup commission), with limits on 1) delivery area; 2) app visibility; and 3) access to high-value DashPass customers, for the lower commission range. Under the new commission structure, consumers bear a higher share of delivery costs. Consumers who subscribe (USD 9.99 per month) to DashPass, however, are eligible for zero delivery fees on orders over USD 12.00. The company classifies DashPass subscribers as “high-value”, likely due to their frequency of ordering food delivery. In April 2022, the company launched <a href="https://sp-edge.com/updates/9779">“DashPass for Students,” </a>a discounted subscription plan for college students. The new program builds on its existing DashPass (launched in 2018), allowing DoorDash to make its services more accessible to students across the US.&nbsp;DoorDash also operates other business models such as 1) DoorDash Self-Delivery: a platform that allows restaurants and food businesses to have a listing on the DoorDash platform, while using their own delivery people and setting their own delivery zone and fees (lower commission vs. restaurants that use DoorDash’s drivers); and 2) DoorDash Drive (Drive): a white-label product, which allows participating restaurants to offer delivery through their own apps or websites (instead of the DoorDash app) with delivery being carried out by DoorDash drivers. In March 2022, the company conducted a beta launch of its new feature “Return a Package,” allowing customers to return packages to the closest post office, UPS, or FedEx location. In <a href="https://sp-edge.com/updates/19802">June 2023 </a>, DoorDash launched a new Earn by Time feature that enables drivers to choose between getting compensated for each delivery or being paid an hourly flat rate. DoorDash also launched a safety feature that allows drivers to share their location with up to five contacts. In <a href="https://sp-edge.com/updates/20692">July 2023 </a>, DoorDash tested Dash AI, an AI-powered chatbot, in select markets. DoorDash expects the technology to expedite the ordering process and enable customers to receive personalized restaurant recommendations by using simple text prompts. In&nbsp;<a href="https://sp-edge.com/updates/34376">September 2024</a>, the company launched DoorDash Commerce Platform, a suite of products designed to help merchants manage and grow their businesses through their own channels. The platform offers phone ordering with an AI-powered call-in systems and allows merchants to create their own branded mobile apps. It also launched&nbsp; “Ads Manager for Enterprise Restaurants,” a self-serve advertising platform that helps businesses manage marketing campaigns in&nbsp;<a href="https://sp-edge.com/updates/35652">October 2024</a>.&nbsp;In contrast to competitor UberEats - which has expanded aggressively through a series of acquisitions - DoorDash has predominantly grown organically, with the support of a few strategic acquisitions. DoorDash’s most recent acquisition was in March 2022, when it entered into a definitive agreement to <a href="https://sp-edge.com/updates/8851">acquire Bbot, </a>a contactless ordering and payment solution provider. The purchase allowed the company to expand its in-store operations product suite for merchants, including in-store digital ordering and payments. Previously, the company acquired Chowbotics, the developer of a stationary salad-making robot, “Sally,” in February 2021. In July 2022, DoorDash announced plans to shut down Chowbotics. &nbsp;In August 2019, the company bought rival online food delivery platform Caviar for USD 410 million. The acquisition strengthened Doordash’s market share in Pennsylvania and Oregon, where Caviar had more than 10% market share.In June 2022, DoorDash completed its acquisition of Wolt, a Finland-based online food delivery platform. The acquisition expanded DoorDash’s global presence from four countries to 27. The deal was closed at a value close to USD 3.5 billion, although it was initially valued at USD 8.1 billion when announced in November 2021. This is a result of DoorDash's share price falling by more than 55% since November. DoorDash issued over 46 million shares to Wolt shareholders in the transaction. Wolt CEO Miki Kuusi was to head the company's operations outside the US, including Wolt’s 23 markets as well as Australia, Canada, and Japan. In less than two weeks following the acquisition, Wolt launched its new subscription service <a href="https://sp-edge.com/updates/11037">Wolt+ </a>in Prague and scaled its operations in Israel by launching operations in Israel’s northern region.&nbsp;Key customers and partnershipsDoorDash has restaurant partnerships with Chipotle, Denny’s, Wingstop and Little Caesars. In February 2022, DoorDash launched <a href="https://sp-edge.com/updates/8416">DoorDash Capital </a>in partnership with Parafin, a financial services technology company, to provide revenue-based financing to eligible restaurants and DoorDash merchants. It would support investments in growth including purchasing equipment, hiring, marketing costs, rent, and payroll. That same month, DoorDash Storefront (launched in 2020) integrated with Google to offer commission-free online orders to restaurant partners in the US. In March 2021 Doordash partnered with Missouri-based family-owned supermarket retailer Schnuck Markets to deliver prepared meals from five store locations in St. Louis, Missouri, to addresses within a six-mile radius of the stores. In July 2022 the two companies expanded the partnership to include 25 locations across Missouri, Illinois, and Indiana. In January 2023 expanded its delivery <a href="https://techcrunch.com/2022/09/13/starbucks-and-doordash-to-launch-delivery-partnership-in-atlanta-expand-nationwide-in-2023/">partnership </a>with Starbucks to include the delivery of&nbsp; Starbucks products across all 50 US states by March 2023. In <a href="https://sp-edge.com/updates/19802">June 2023 </a>, the company partnered with Amazon Canada to offer a free one-year membership of the company's subscription service, DashPass, to Amazon Prime members. The company also has a partnerships with AMC Theatres to deliver dine-in menu items from select US theaters (<a href="https://sp-edge.com/updates/34378">September 2024</a>).DoorDash generated a revenue of USD 8,635 million and incurred an operating loss of USD 579 million during the year ended December 2023.

DoorDash

Gousto is a subscription-based recipe kit startup based in the UK, with operations in the UK and <a href="https://sp-edge.com/updates/31074">Northern Ireland</a>. Customers have the option to select from two-person or family box options, with a choice between two and four recipes that may price a serving between USD 3.80 to USD 7.90. Gousto has a range of recipes catering to different customer preferences such as vegetarian, plant-based, gluten-free, dairy-free, DIY pizza bases, lean in 15, healthy choice, 10-minute meals as well as oven-ready options.Gousto <a href="https://sp-edge.com/updates/8713">raised USD 230 million </a>in February 2022. The round followed an infusion of <a href="https://sp-edge.com/updates/7648">USD 150 million </a>in January 2022. Both rounds were led by Softbank’s Vision Fund 2. The company intended to use the funds to double its tech team by the end of 2022.The company reported revenue growth of 67% YoY to GBP 315 million (~USD 393.8 million) in <a href="https://sp-edge.com/updates/10005">FY2021. </a>Gousto reported that it had sold 90 million+ meals in 2021 compared to 53 million meals the previous year. EBITDA was up 10% YoY to GBP 20 million (~USD 25 million) in FY2021, while net cash from operations reported growth of 136% YoY to GBP 37 million (~USD 46.3 million).

Gousto

HelloFresh delivers weekly meal kits, containing pre-portioned fresh ingredients and step-by-step recipes, to its subscribers in 18 countries (as of October 2022) across Europe, North America, Australia, and New Zealand, with a global base of 8.0 million active customers as of Q2 2022. Its meal kits are priced between USD 7.49–10.99 per meal, in-line with competitors Blue Apron and Marley Spoon, with consumers subscribing to a weekly (rather than monthly) service, which enables more flexibility to skip weeks. HelloFresh launched its own delivery fleets in the <a href="https://sp-edge.com/updates/24686">US </a>and the <a href="https://sp-edge.com/updates/18306">UK </a>in 2023.HelloFresh has grown its US presence and product offerings through a combination of acquisitions and organic growth, aligned to its multi-tier brand strategy. The company acquired premium brand Green Chef in March 2018, and subsequently, extended its menu offerings to include organic meals for US customers, including special diets such as ketogenic and paleo. In <a href="https://www.thegrocer.co.uk/online/hellofresh-launches-specialist-diet-meal-kit-brand-green-chef-in-uk/655593.article">April 2021 </a>, following its success in the US market, Green Chef was expanded to the UK. In August 2022, Green Chef was also launched in the Netherlands. The company’s acquisition of Factor (a ready-to-eat meal company) in December 2020 was aimed at expanding into the convenience-focused customer segment. In terms of organic growth, the company launched its value brand, EveryPlate, in 2018 for budget-conscious consumers, featuring meal kits that average around USD 4.99 per serving.Overseas, HelloFresh acquired a ~10% stake in Russia’s largest meal-kit provider Chefmarket, in September 2021, through a cash capital increase. HelloFresh has also announced plans to acquire Australia-based ready-meals firm Youfoodz (announced in July 2021), which would expand its customer base in Australia as well as its presence in the ready-to-heat category.&nbsp;Key customers and partnershipsIn&nbsp;<a href="https://sp-edge.com/updates/34379">September 2024</a>, HelloFresh partnered with the online food delivery platform Just Eat Takeaway (JET) to launch a twelve-week delivery trial of HelloFresh meals in&nbsp;Newcastle and London's Hackney. Under the&nbsp;partnership JET’s customers can order from eight HelloFresh recipes using&nbsp;JET’s online ordering platform.

HelloFresh

Splendid Spoon provides single-serve, plant-based meals from a choice of more than 50 different meal options. Customers can select one of three different meal plans, which include smoothies, bowls and noodle bowls with prices ranging from USD 65 to USD 185. Meals may be customized according to a client’s meal preference. Splendid Spoon meals are vegan, free of gluten and soy, low in sodium and sugar and made with non-GMO produce. Also, the company delivers to 48 states across the US.In February 2022, the company raised <a href="https://sp-edge.com/updates/8375">USD 12 million in a Series B funding </a>round led by Nicoya. The proceeds were to be used to expand its product line by way of new products, categories, and meal programs. The company also planned to make additions to its workforce, which has grown to 34 people from 15 in 2021.

Splendid Spoon

<div>
 
 London-based Fresh Fitness Food delivers personalized meal plans under health and fitness-themed categories: Lean gains, fat loss, enhance energy, build muscle. The meals are made with locally-sourced ingredients such as free-range eggs, grass-fed beef, and 100% antibiotic-free meat and fish. Each meal is created in collaboration with a Michelin star trained menu consultant, head chef, and nutritionist. The meal plans cater to vegetarians, vegans, and pescatarians. The company says that 1,000 prepared meal bags are delivered to customers in London daily.
 
 The upfront payment cost of prepared meal plans starts at 3 meals per day for 5 days at GBP 140 (approximately USD 187) to 6 meals per day for 5 days at GBP 215 (approximately USD 287). Meal plans can be made for up to 200 days in advance with juices, shakes, savoury snacks, and sweet snacks available to accompany the meals.
 
</div>

Fresh Fitness Food

Platforms that offer ready-to-cook meal kits to individuals who are interested in cooking, but have limited time or skills. Meal kits usually include recipes with step-by-step instructions along with pre-portioned ingredients. Food delivery is often carried out by independent contract workers who are either registered with the platform or employed directly by the platform.

Platforms that prepare and deliver meals based on rotating menus that allow the customer to choose a meal plan of up to multiple dishes for a week with a low level of consumer involvement in cooking and plating. Food delivery is often carried out by independent contract workers who are either registered with the platform or employed directly by the platform.

On-demand delivery platforms that offer a wide range of items (such as various cuisines, groceries, etc)

On-demand delivery platforms that offer specific types of food or cuisine

Infrastructure providers that offer delivery or dispatch management systems

Infrastructure providers that offer white label online ordering websites and apps for restaurants to build their own in-house solutions

Infrastructure providers that offer solutions to help restaurants integrate and centralize online ordering and delivery systems from multiple third party vendors

Solutions in the "in-house ordering solutions" segment allow restaurants to build custom websites, menus, etc.

Most solutions available in "in-house ordering solutions" provide B2B SaaS solutions

Some OFD players such as Uber and Grubhub provide autonomous food delivery services

Popmenu

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