ezCater, the most trusted provider of corporate food solutions, today announced $100 million in new capital to meet the evolving needs of the $300+ billion food for work market. The Series D-2 round was led by SoftBank Vision Fund 2. It brings ezCater’s total funding to $425 million and raises the company’s post-money valuation to $1.6 billion.
ezCater was already #1 in corporate catering when it experienced an 85% drop in revenue at the beginning of COVID. Rather than pivot, ezCater doubled down on what it does best — feeding people who work, at work. The company rapidly expanded from feeding one-off meetings to offering full corporate food solutions, expanding its target market 10X. Now, ezCater is exceeding its pre-pandemic revenue run rate and growing faster than pre-COVID. The company credits its tremendous rebound to its ability to meet the changing needs of today’s workplaces.
“Food for work is bigger and more demanding than ever,” says Stefania Mallett, co-founder and CEO at ezCater. “Employees now expect food at work, and companies need solutions that are flexible and scalable, with business-grade customer service an absolute must. We are food for work. It’s all we do, and all we’ve ever done. This funding accelerates our growth and furthers our mission to feed every workplace.”
Workplaces of all sizes are ordering food much more frequently to get people to the office, to foster connection — and because employees have come to expect it. ezCater customers, including JLL, RingCentral, and The San Francisco 49ers, rely on ezCater’s highly flexible and scalable corporate food solutions.
“We need a flexible food solution since our headcount changes from day to day with our new hybrid work arrangement,” says Harpreet Basran, Vice President of Human Resources for the San Francisco 49ers. “With ezCater, our staff gets high-quality meals from a variety of their favorite restaurants — and our organization has no fixed overhead, no wasted food, and total flexibility.”
“Food for work is very different from consumer food delivery and requires a range of solutions to meet the different needs of each business,” says Angela Du, investor for SoftBank Investment Advisers. “We believe ezCater has established the perfect product/market fit, with its deep expertise and its purpose-built corporate foodtech platform. We’re excited to help ezCater extend its lead in this massive and fast-growing segment.”
In addition to SoftBank Vision Fund 2, this funding round included participation from Quadrille Capital, GIC, ICONIQ Growth, Insight Partners, Invus, and others. In 2019, ezCater raised a $150 million Series D-1 round co-led by Lightspeed Venture Partners and GIC.