EatStreet has snared another $15 million from investors — including a West Coast investment firm — that will let the Madison food ordering business add 30 employees over the next two months.
Founded in 2010, EatStreet provides a hub for online and mobile restaurant meal ordering.
The company focuses on small- to medium-sized cities and has extended its reach to 250 cities, from 150 a year ago, with more than 15,000 restaurants signed up.
The new funds bring the total investment in EatStreet to $28 million, and will let the company move into new markets and add technological advances, EatStreet said.
“We’re on a mission to revolutionize how people place delivery and takeout orders online — from how quickly a diner is able to browse local restaurants or new cuisine types to how easily they are able to place an order on our app,” said CEO and co-founder Matt Howard, in a written statement.
While EatStreet facilitates ordering and offers discounts, it has not gotten into meal delivery and does not plan to do so, Howard told the State Journal.
He declined to disclose company revenues.
Currently at 112 employees, 93 of them full time, EatStreet plans to grow to 140 by the end of January, all in Madison, spokeswoman Kim Vavrick said.
About 20 percent of the new hires will be full time.
Investors in the current financing round were led by 4490 Ventures, Madison, and Lumia Capital, in San Francisco. GCI Capital, Excelsior, Minnesota; MATH Venture Partners, Chicago; and the State of Wisconsin Investment Board also participated in the investment as well as previous investors in Wisconsin and the Chicago area.
The funding, called a Series C round, is often a prelude to a company’s acquisition or initial public stock offering, Howard acknowledged.
“This will allow us to achieve new heights at EatStreet and achieve our goal of eventually having an exit or an IPO,” he said.
EatStreet is a graduate of the gener8tor accelerator in Madison and Milwaukee, which has also been an investor.