Press Release Details

GrubHub Secures $20 Million from DAG Ventures and Benchmark Capital

03/09/2011

Company to Focus on R&D, Acquisitions and Mobile Apps

CHICAGO, Ill. (March 9, 2011) – GrubHub, a web and mobile service that connects diners to restaurants and simplifies online ordering for delivery and carry-out, has raised $20 million in Series D funding led by DAG Ventures with Benchmark Capital participating. The new round comes after preemptive interest and just four months after the company’s $11 million funding led by Benchmark in November 2010. The Series D funding will enable GrubHub to expand its investment in R&D, acquisitions and mobile applications while increasing its reach to more new markets. The company has raised $34 million to date.

“GrubHub is the market leader in the restaurant online ordering space,” said John Cadeddu, Managing Director at DAG Ventures. “GrubHub has clearly demonstrated its ability to double its growth year over year by successfully launching new markets and driving more orders through its mobile platform. This is a scenario where both the business model and leadership is top in its class, and our investment can be put to immediate use to fuel growth and reinforce market dominance.”

Frustrated by the lack of restaurant delivery information available on the Internet, founders Matt Maloney and Mike Evans created GrubHub in 2004 to organize and simplify restaurant information available to consumers. Visitors to the site or mobile users enter their address to see every local restaurant that delivers to them. Diners can view menus and coupons, read reviews and order for free online, by phone or through the GrubHub iPhone and Android apps.

“Right now, with over 13,000 restaurant menus on our site, we have one of the largest networks of independent restaurants,” said Matt Maloney, co-founder and CEO of GrubHub. “Within the next three months, we’ll list over 80,000 restaurants. By connecting hungry diners to all their neighborhood restaurants, we are providing a valuable service to consumers and restaurants.”

GrubHub sent $85 million in orders to restaurants in 2010 and is projected to send $200 million in orders by the end of this year.

 

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