Bengaluru: Madrona Venture Group along with Vulcan Capital leads a $8 million investment round in Seattle-based food delivery startup Peach. The company plans to utilize the freshly raised capital to expand its lunch delivery service to major cities like Boston and Washington DC by the end of this year. As a part of this deal, Scott Jacobson, Managing Director at Madrona Venture Group, will join Peach’s Board of Directors.
Speaking about their new fundraising, Nishant Singh, Founder & CEO, Peach says, “Office workers want more interesting lunch options at a reasonable price delivered to their desk. Restaurants have excess production capacity before the lunch hour that they can put to profitable work. These are the simple premises on which we started the company, and represent the hole in the market we are filling. With equal doses of technology and operational execution, we have built a platform and marketplace that fulfills a need for our customers on both sides of the equation every day. We have been overwhelmed and gratified by the response to Peach, and we look forward to working with the Madrona team to help us navigate as we expand our service over the coming years”.
“Nishant and his team have built a two-sided marketplace that works incredibly well for both restaurants and eaters. While there is no shortage of companies in this category, Peach is the first to design a service that delights both constituencies equally,” says Scott Jacobson, MD, Madrona Venture Group. “While technology does not immediately come to mind when you think of food production and delivery, there is a lot of software and data mining that goes into delivering the simple, friction-free service Peach has built. We look forward to partnering with Nishant and his team to expand to new markets and bring Peach to restaurants and hungry office workers across the country,” he added.
The contrivance of Ex-Amazon employees – Nishant Singh, Chenyu Wang, Denis Bellavance and Nishant Singh, Peach provides best lunches in town; right from eight-table ethnic oases to well-known local chef-led restaurants for office workers throughout a metro area. Users have to first register on the platform and every Peach member gets a daily text message with the ‘dish of the day’ for their office. The users can place their order by simply replying ‘yes’ and the food will be delivered to their office during the lunch hour.
Since its inception in June last year, the company has delivered more than 400,000 meals and the restaurants who are working with Peach have seen their lunch revenue grow significantly within months of launching on the Peach platform.