Sharebite, a corporate client food ordering and benefits platform, wrapped up its Series B round after raising $39 million. The company will use the funding to expand its offering on the menu when the companies are increasingly trying to enhance employee benefits, with food being their leading choice.
The startup that aims to serve a modern workplace’s evolving needs has raised around $56 million in total funding. Market experts are betting high on Sharebite as it has bagged a good amount of funding when the startup sector overall is witnessing a funding winter.
The Series B round of funding was led by technology investor Prosus, marking its first investment in the food-tech sector. The round also saw participation from Fiserv and Contour Venture Partners, along with existing investors, Reign Ventures, London Technology Club, Packy McCormick’s Not Boring Fund, and others.
“Corporate meals represent a significant and largely neglected sector, creating room for an innovative and energetic startup to thrive,” said Brian Krivoy, Principal, Prosus Food.
“Sharebite’s comprehensive product offering, purpose-built B2B tech, and mission-driven orientation position it to capitalize on this opportunity fully. We are delighted to support the exceptional Sharebite team as they expand across the United States,” added Brian.
Sharebite also shares meals with food-insecure families
Sharebite also shares meals with food insecure families and works with non-profits like City Harvest and Feeding America. Food-sharing with food insecure families is done on a one-to-one basis matching each transaction. The startup uses enterprise tech, aiding the companies in delivering food for employees and managing expense allocations.
“Since day one, our technology was purpose-built for companies as an enabling mechanism for maximum employee engagement. Our Series B funding round enables us to accelerate further our market share within the highly profitable corporate segment,” said Dilip Rao, CEO & Co-founder of Sharebite.
“With the backing of world-class partners like Prosus, Fiserv, Contour Ventures, Reign Ventures, and others, we will launch new products and optimize our offering to help companies create a better workplace for employees with food benefits,” added Rao.
In a press release, the company said that during the COVID-19 lockdown, Sharebite supported local restaurants by waiving all commission fees. It tripled its donations to New York City’s largest food rescue organization, City Harvest. It also coordinated the delivery of nearly one million lunch orders from local restaurants to first responders and frontline workers at every New York City hospital.