Toast built a $30 billion business by defying Silicon Valley and surviving a ‘suicide mission’

Toast’s first backer, Steve Papa, invested in the company because no venture capital firm would write the initial check. By the time Bessemer Venture Partners led the first institutional round in 2015, the company had millions in revenue, 170 employees and was deployed in thousands of restaurants. “We intentionally chose not to put reps in …

Uber’s Infamous Co-founder Wins Microsoft As First US Investor For His Dark Kitchen Startup

Microsoft Corp (NASDAQ: MSFT) has become the first U.S.-based investor in Uber Technologies, Inc (NYSE: UBER), known to have backed CloudKitchens, the “dark kitchen” startup run by the ride-hailing company’s controversial co-founder Travis Kalanick, the Financial Times reports. The investment was part of CloudKitchens’ $850 million funding round that closed in November 2021, valuing it at $15 billion. The cash gain …

Olo Announces $100 Million Share Repurchase Program

NEW YORK, September 07, 2022–(BUSINESS WIRE)–Olo Inc. (NYSE: OLO), a leading open SaaS platform for restaurants that enables hospitality at every touchpoint, today announced that its board of directors authorized a share repurchase program for up to $100,000,000 of the Company’s Class A common stock. The authorization to repurchase has no expiration date and will be …

Just Eat Takeaway: Amazon Partnership Could Double Grubhub’s Growth

Summary As Amazon partnered with Grubhub, we estimated its user growth opportunities at 62 mln users by leveraging Amazon’s massive Prime members of 160 mln. With the additional users, we expect this to provide incremental transaction volumes for Grubhub of $3.41 bln per year through 2026. In terms of market share of the food delivery …

DoorDash launches restaurant accelerator grant program in Denver metro

DENVER – DoorDash recently announced a call for applications for the Denver metro cohort of the Accelerator for Local Restaurants to help level the playing field for entrepreneurs and increase access to opportunity for small businesses owned by women, immigrants and people of color. The program is being launched in partnership with the Hispanic Restaurant Association and Accion Opportunity Fund. …

Tech Tracker: Kitchen United CEO gives details on massive cross-industry fundraising

Tech Tracker rounds up what’s happening in the technology sector of the restaurant industry, including news from restaurants, vendors, digital platforms, and third-party delivery companies. This month, our main story comes from an interview with Kitchen United CEO Michael Montagano, who gave some insight into the ghost kitchen company’s recent $100 million fundraising round, with …

Just Eat Sells IFood Stake to Prosus for $1.8 Billion

Just Eat Takeaway.com NV agreed to sell its 33% stake in Latin American joint venture iFood to Prosus NV for as much as 1.8 billion euros ($1.8 billion). The deal fulfills a pledge to investors and will bolster Just Eat’s balance sheet, albeit at a price below a previous offer for the shares. The company …

OLO IS LOSING ITS SUBWAY BUSINESS, DRAWING SHAREHOLDER LAWSUITS

The technology company said it has known since the beginning of the year that Subway could leave, taking 15,000 locations and “a few million dollars” in revenue with it.By Joe Guszkowski on Aug. 17, 2022 Subway is leaving Olo in favor of an in-house tech solution. / Photograph: Shutterstock Online ordering company Olo revealed last week that …

SELLING A SHARE IN BRAZIL’S IFOOD FOR “UP TO” $1.8 BILLION IS JUST EAT TAKEAWAY

Just Eat Takeaway, a European food delivery and ordering behemoth, has announced that it would sell its investment in Brazil’s iFood to Prosus for up to €1.8 billion ($1.8 billion). A total of €1.5 billion in cash is on the table for the first deal, with an additional €300 million contingent on iFood’s success over …

ParTech Acquires Menu Technologies

ParTech, a restaurant and retail point-of-sale provider for enterprise restaurants, has acquired Menu Technologies, an omnichannel ordering platform for international restaurant brands. According to Par, based in New Hartford, New York, the Menu acquisition adds an online ordering component to its existing suite of commerce solutions and better position the organization as one of the …