Online Ordering Startup Lunchbox Notches $20M
The startup strives to empower restaurants “to reclaim ownership of their digital commerce,” the release stated. The Lunchbox platform consists of digital restaurant ordering platforms built by restaurateurs, with an emphasis on driving sales and profits.
The money will be used to further develop the Lunchbox platform and expand nationally to deliver revenue-driving solutions to more restaurants, the release stated. The company is also planning strategic new hires and is looking to grab top-tier talent.
In addition to Coatue, investors included celebrity chef Tom Colicchio, Behance Founder Scott Belsky, former Venmo Chief Operating Officer Michael Vaughan, HelloFresh Founder Bryan Ciambella, Planet Hollywood Founder Robert Earl, and Girls Who Code Founder Reshma Saujani. Lunchbox’s initial investors, 645 and Primary Ventures, also participated, the release stated. As part of the investment, Coatue’s Rahul Kishore and Bennett Siegel will have seats on Lunchbox’s board of directors.
“Our mission is to help restaurants survive this pandemic and thrive beyond it,” said Nabeel Alamgir, Lunchbox co-founder and CEO, in the release. “When we started Lunchbox 18 months ago, we wanted to help restaurants with a strong ethos and identity speak to their guests directly. That is more important now more than ever before.”
The restaurant industry changed its business model when the pandemic hit, and the most successful companies were already immersed in online ordering, delivery and pickup. Tim Ridgely, head of order and delivery at customer engagement platform Paytronix, told PYMNTS in June that for many eateries, the COVID pivot was more of a re-focus than a new concept.