Deliverect Rides The Wave Of Explosive Growth In Food Tech

Deliverect, a Belgian-based food tech company, connects Uber Eats, Deliveroo, DoorDash, Just Eat, and more delivery companies directly to restaurants’ POS systems. Founded in 2018, today the company’s technology is used in over 10,000 restaurants in 30 countries, including Pret a Manger, Dishoom, and KFC.

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The company arrives at a great time for the global food tech market, which is booming and projected to reach a value of over $342 billion by 2027, according to Emergen Research. This high growth is attributed to the proliferation of smartphones in developing economies. Not to mention that the online food delivery industry has enjoyed explosive growth since the pandemic began, forcing many restaurants to move to online delivery.

For example, Deliveroo — one of the platforms that Deliverect helps restaurants to integrate — revealed that it had over 20,000 new restaurants sign up during 2020. And Toast, a company that provides similar SaaS as Deliverect is reportedly working on an IPO that would value it at $20 billion.

Now, Deliverect has announced it raised $65 million in a Series C funding round. The round was led by DST and Redpoint Ventures and included additional funding from OMERS, Newion, Smartfin, and Founders.

This round of funding brings the total raised by Deliverect to $90 million, though its current valuation is not being disclosed. In the last year, the company processed $1 billion across 30 million orders for its customers, and the company reported a 750% increase in the number of orders processed each week across the last year.

“The restaurant industry is in a historical moment of change and digitalization, and delivery has become crucial for the survival of this industry,” said Zhong Xu, the company’s founder.

Xu also says that, when restaurants start to open up to diners, the system will become more critical as kitchens try to juggle in-person and online orders.

Deliverect will use the new funds to “continue scaling and helping customers to go online even faster” by providing them with the technology to manage digital orders and apps related to delivery and in-house dining, it said. It also plans to expand into international markets, including the Middle East.