ezCater Raises $35M from ICONIQ Capital and Insight Venture Partners, Strengthening Its Position as the Leading Online Marketplace in the $21B Business Catering Market
Only Nationwide Marketplace for Business Catering Connects Businesspeople with Nearly 50,000 Restaurants and Caterers Across the Country
BOSTON, January 11, 2017-- ezCater, the only nationwide marketplace for business catering, today announced that it has raised a $35 million round of funding led by ICONIQ Capital with participation from existing investor Insight Venture Partners. The funding, which brings ezCater’s total amount raised to $70 million, will be used to continue the company’s rapid growth by accelerating product development, expanding its award-winning customer support, and bolstering sales and marketing.
Just in the past 18 months, ezCater has raised a total of $63 million and doubled its headcount to 175 people, including C-level executives hired from Amazon, Rue La La, and Actifio. It has also continued to cultivate its network of restaurants and caterer partners, which includes tens of thousands of independent local restaurants, plus regional and national chains such as Boston Market, HoneyBaked Ham, and Ruby Tuesday. ezCater now counts nearly 50,000 restaurants and caterers in its marketplace and has helped provide food for more than 16 million businesspeople.
"We were very attracted to ezCater’s clear market leadership and pure marketplace business model,” said Greg Stanger, General Partner at ICONIQ Capital. “The value that the company is delivering to businesses and caterers across the county is exceptional and we are excited to partner with the ezCater team to help support their continued growth.”
Founded in 2007, earlier than many of today’s sharing economy companies, ezCater has been built for the express purpose of making it remarkably easy for businesspeople to find and order food from reliable local caterers, anywhere in the U.S.
“As an early entrant into the business catering market, and the only company with nationwide reach, ezCater has earned a strong position ahead of its competition,” said Bradley Twohig, Managing Director at Insight Venture Partners. “The Company's proprietary technology, extensive nationwide list of restaurant partners, and impressive executive team has driven its market leadership. We are pleased to support ezCater in this exciting phase of growth.”
“With the support of not one, but now two, top-tier investment firms, we have all the resources we need to expand our dominance in ordering food for business," said Stefania Mallett, co-founder and CEO of ezCater. “But having such great backers doesn’t make us complacent. Our customers will continue to receive a constant stream of new features and additional restaurants everywhere in the U.S.”
Propelled by an increasing reliance on food in the workplace, the market for business catering in the U.S. is now worth $21 billion annually, according to foodservice industry research firm Technomic. ezCater’s focus on serving businesses and its ability to provide food for business events and meetings that take place anywhere in the U.S., make it a compelling solution for all organizations, from top pharmaceutical companies like AstraZeneca to commercial real estate firms like Jones Lang LaSalle.
“Whether we’re feeding our employees, hosting a special event, or are having a client meeting, food fuels many aspects of our business,” said Jim Tierney, Managing Director at Jones Lang LaSalle. “We are dedicated to delivering exceptional service in everything we do, and ezCater gives our team the confidence that the food we’re providing will be good and on time. ezCater is a great tool for our business.”
ezCater also is uniquely suited to help restaurants grow their catering volume. By connecting caterers to businesspeople, including many who are traveling out of their home area, ezCater helps caterers win new customers they often cannot otherwise reach.
“ezCater has provided us a great channel to help us grow our catering business,” said Trish Giordano, VP of Sales and Marketing for Buca Di Beppo, a 92-location restaurant chain. “At some locations, there are days we start cash-positive before even opening the doors thanks to catering orders. ezCater's national reach and ability to connect us to the largest companies in the U.S. make them an indispensable partner for us and key to our growth strategy.”
ezCater is the only nationwide marketplace for business catering. ezCater’s online ordering, on-time ratings and reviews, and award-winning, 5-star customer service connect businesspeople to reliable catering for any meeting, anywhere in the United States. For more information or to place an order, visit www.ezcater.com.
fama PR for ezCater
Mike Reilly, 617-986-5008
Venture Capital Database