America’s first food e-commerce platform, Goldbelly, announced a $100 million Series C funding to create the at-home restaurant experience of the future and to enable chefs and restaurants to expand their clientele across the country.
The financing was sponsored by growth equity company Spectrum Equity, with participation from current investor Intel Capital.
Goldbelly revealed that they had secured $100 million in fresh funding in 2021. 850 establishments selling food on the Goldbelly platform as of May 2021, 400 of which signed up after the COVID-19 outbreak began.
A specialty food marketplace called Goldbelly links consumers nationwide with local and regional food vendors. Goldbelly provides a platform for small businesses to meet new clients and increase their revenue by assisting artisan merchants in setting up an online store to sell their gourmet foods.
Initiated by Joe Ariel under the name “Goldbely,” the business got its start in a townhouse in San Francisco’s Noe Valley with Ariel, Trevor Stow, Vanessa Torrivilla, and Joel Gillman as its four employees.
Goldbelly was listed as one of the top 50 websites of 2013 by Time magazine. 2013 saw the completion of $3 million in seed fundraising for Goldbelly, backed by Intel Capital.
“At Goldbelly, they think that food possesses a supernatural, emotional power. As a result, according to Joe Ariel, founder, and CEO of Goldbelly, “They’ve developed the first platform that matches people with the cuisines, locations, and experiences that matter the most to them – no matter where they are.”
They are leaders in the field of food e-commerce, and with this money, we can keep coming up with innovative methods for consumers to interact with the meals and restaurants they like from the comfort of their own homes.
As Pete Jensen and the Spectrum team create an omnichannel future for the restaurant sector, they are eager to work together.
With 850 restaurant partners throughout all 50 states on its platform, Goldbelly has expanded dramatically over the previous year. The business gained over a million new clients in 2020 alone, and overall revenue increased more than 300% year over year.
With this fresh round of funding, the business will continue to scale platform operations and technology while quickening the onboarding of additional restaurant and chef partners.
By building on the popularity of Goldbelly’s interactive, virtual cook-along series, Goldbelly LIVE!, additional content initiatives will be developed, giving consumers more chances to interact with the foods, experiences, and chefs they choose outside of the context of restaurants.
Pete Jensen, Managing Director at Spectrum Equity, claims that Goldbelly is the first business to give eateries the option to switch from their prior hyper-local business model to one with a nationwide presence. Over the past ten years, “there has been enormous innovation in the restaurant technology industry,” he continued.
“Goldbelly enables people to enjoy the most renowned food producers and the best regional cuisines, regardless of where they reside. Additionally, it facilitates restaurant access to e-commerce, opening up previously closed markets.
They’re eager to work with Joe to ensure that the business and its restaurant partners grasp the enormous potential of this food e-commerce opportunity.
Additionally, the business revealed the addition of two new executives who would work closely with CEO and founder of Goldbelly Joe Ariel.
After serving as Chief Commercial Officer at the premier design marketplace 1st Dibs for 7 years, Cristina Miller has joined Goldbelly as Chief Operating Officer. Additionally, it makes e-commerce more accessible to eateries, opening up previously closed sectors.
After working at Goldman Sachs for fifteen years, Ranjith Roy joined Goldbelly as chief financial officer. Roy oversaw several of Goldman Sachs’ banking ties with some of its most illustrious restaurant and e-commerce enterprises in his most recent position as Managing Director.
“They are delighted to welcome Roy and Cristina to the Goldbelly executive team officially. As they continue to develop their business and shape the future of their sector, Roy’s financial skills, in-depth understanding of private and public capital markets, and Cristina’s broad network of partners will be of the utmost value.
I’m thrilled to work with two business leaders who fervently support their mission to create the future of food e-commerce “Ariel stated. No matter where you are, Goldbelly enables you to order some of America’s favorite foods.
These include dishes from renowned chefs like Daniel Boulud, Thomas Keller, Marcus Samuelsson, Stephanie Izard, Wolfgang Puck, and David Chang, as well as dishes from renowned eateries like Commander’s Palace in New Orleans, Zahav in Philadelphia, Wayfare Tavern in San Francisco, Union Square Cafe in New York City, and The Grey in Savannah.