Coatue is leading an investment along with 645 Ventures and Primary VC, doubling the capital infusion in a Series B funding towards Lunchbox. There are reports of several individual investors such as &pizza, Sweetgreen, and DoorDash. This will be boosting the funds of Lunchbox over $72 million.
Coatue Leads $50 million Series B Capital Infusion into Lunchbox
In October 2020, Lunchbox announced an investment deal led by Coatue, a $20 million Series A funding. The focus was set on gathering clients and figuring out the volume of demand. Alamgir, Andrew Boryk and Hadi Rashid, the founders, centered all their focus on the on-board process and getting the system up and running.
Lunchbox, based in New York, is developing online ordering tools for enterprise restaurant chains and ghost kitchens that act as a restaurant’s entire digital tech stack for everything from managing orders to apps to loyalty programs, ensuring that the experience is not only frictionless but also increases sales and customer engagement.
The acquisition of Spread last year helped the company to achieve their target goals along with the help of the initial Series A funding– creating a digital food hall.
This new investment round has also brought forth big news in which, former General Assembly COO Kieran Luke is joining Lunchbox to reprise the role.
According to Alamgir, co-founder of Lunchbox, the Series B funding round was part of the company’s structural planning.
He has stated regarding the investment,
“We want to ensure our vision for how to support restaurants and as more continue to grow, we have the ability to put restaurants first in our decision making,”
He also added,
“Since announcing our Series A in October of 2020, we’ve seen more players get involved in building ghost kitchens which is expected to be a $1 trillion opportunity in the next decade. In an effort to continue to apply innovative thinking and evolution for restaurants, we have raised a Series B to continue to support and empower their visions. We’re going to continue seeing so much innovation in the restaurant space.”
Lunchbox plans to expand into enterprises, mid-markets and ghost-kitchens. They’ll also be investing into research and development for products and intaking fresh talents. Check out Lunchbox’s website for more info.