Mealme is an app-based food delivery startup that offers an online platform with a feature to search restaurants using an artificial intelligence-based explore page. The startup secured 8 million USD in its ongoing series A funding round led by Mercury Fund. The maiden ongoing funding round saw the participation of several new and existing investors including Gaingels and Palm Drive Capital. These delivery services, processing, and commissions are the company’s primary sources of revenue.
The company plans to use these fresh proceeds to scale its production capability, enhance its platform, and increase store selection. The startup provides products directly from restaurants to the customers. The platform allows users to browse several restaurants and compare delivery times and prices with each other. The company also intends to use some of this investment for developer support and increased customer reach. The startup is a restaurant, retail, and grocery ordering application for food ordering.
The startup claims to provide inventory data on more than 1 billion products from 1.2 million restaurants, retailers, and grocery stores across Canada and the U.S. The company operates in several parts of Canada and has over 100 clients including TripAdvisor, Favor Delivery, and more. MealMe has secured over 12.2 million USD across two funding rounds since its inception, including the series A funding round of $9.24 million in March this year. The startup aims to use this investment to expand its connections and stores while developing a market presence in the food delivery segment.
The US-based food delivery startup works on a B2B model and offers a platform that allows users to pull menus, invent, and send orders to stores. The startup is focused on expanding into the e-commerce and AI market. The data intelligence platform, tracxn mentioned that the company previously secured 3 million USD from its existing investors CP Ventures, Palm Drive Capital, and other investors during its seed funding round in 2021.
Mealme has around 10 institutional investors including Evolution VC partners, Techstars, and Palm Drive Capital. The investment shows the investor’s trust in Mealme’s market potential and business model. The development came just when the e-commerce market saw increased investor interest. The app-based platform offering food ordering services faces competition from other platforms in the same segment such as Foodboss, Restaurant.com, and Availyst.
Conclusion:
The online food delivery startup, MealMe secured 8 million USD in its ongoing series A funding round from the Mercury Fund with the participation of other investors including existing investors Palm Drive Capital and Gaingels. The startup plans to use this investment to scale its services, improve its performing capability, strengthen its marketing efforts, and grow better developer support. This investment will enable the firm to enhance its online brand presence.
The company aims to expand into the AI and e-commerce market. The development came just after the food market saw an increased investor interest. The food delivery platform faces competition from other delivery services including FoodBoss.
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