Cision PR Newswire

Sharebite, the Leading Food Benefits Platform, Announces Closing of $39 Million Series B Round

Following a daily order volume increase of 30x in 2021, Sharebite raises new funding round led by Prosus

NEW YORK, June 28, 2022 /PRNewswire/ -- Sharebite, the leading food benefits platform designed for the modern workforce, announced today the closing of its $39 million Series B financing round to expand its footprint and launch products that serve the evolving needs of modern workplaces. With a tightening labor force, companies are increasingly looking to augment employee benefits and food is a leading choice for driving employee well-being and fostering high-performing cultures, especially for global companies and hybrid work models. With Sharebite, companies can centralize and simplify food ordering and expense management for employees who work in offices and remotely. On a one-for-one basis, every transaction supports a meal donation to food-insecure families via Sharebite's non-profit partners, including City Harvest and Feeding America.

The Series B investment was led by Prosus, one of the largest technology investors in the world. This investment marks Prosus' entry into the United States' food tech space, as Sharebite joins a leading portfolio including several of the world's largest food tech companies. Additionally, the round was backed by Fiserv and Contour Venture Partners, along with existing investors, Reign Ventures, London Technology Club, Packy McCormick's Not Boring Fund, and others.

Sharebite's enterprise-focused technology enables companies to easily deliver food to employees and manage expense allocation across all levels of the organization. During the COVID-19 lockdown, Sharebite supported local restaurants by waiving all commission fees and it tripled its donations to New York City's largest food rescue organization, City Harvest. It also coordinated the delivery of nearly one million lunch orders from local restaurants to first responders and frontline workers at every New York City hospital. To date, Sharebite remains one of the few companies that did not lay off a single employee due to the pandemic.

"Since day one, our technology was purpose-built for companies as an enabling mechanism for maximum employee engagement," says Dilip Rao, CEO & Co-founder of Sharebite. "Our Series B funding round enables us to further accelerate our market share within the highly profitable corporate segment. "With the backing of world-class partners like Prosus, along with Fiserv, Contour Ventures, Reign Ventures, and others, we will launch new products and optimize our offering to help companies create a better place to work for employees, with food benefits."

Founded in 2015 by Dilip Rao and Mohsin Memon, today Sharebite is the most comprehensive U.S. corporate food ordering platform. Sharebite empowers leading companies such as Activision Blizzard, WeWork, Neuberger Berman, and Harry's, by centrally managing employee food ordering and facilitating contactless deliveries at designated drop-off points inside office buildings. In early 2021, Sharebite launched its first fintech product called Passport which enables companies with hybrid work models to equitably provision meal allowances to employees so that they can purchase meals at any restaurant they choose. Sharebite restaurant partners benefit from the economies of scale associated with preparing and delivering large quantities of orders in batches ordered in advance. Each transaction made via Sharebite results in a donation made to City Harvest and Feeding America to help alleviate hunger in local communities. In all, Sharebite enables its corporate clients to save money, inspire workforces, support local restaurants, and commit to helping the community.

"Corporate meals represent a significant and largely neglected sector, creating room for an innovative and energetic start-up to thrive," said Brian Krivoy, Principal, Prosus Food. "Sharebite's comprehensive product offering, purpose-built B2B tech, and mission-driven orientation position it to fully capitalize on this opportunity. We are delighted to support the exceptional Sharebite team as they expand across the United States."

To learn more about Sharebite, visit www.sharebite.com.

About Sharebite

Sharebite is the leading food benefits platform designed for the modern workforce. Combining team orders, flexible solutions, centralized meal allowances, curated restaurant choices, and community impact, Sharebite helps the world's best companies elevate employee engagement. Sharebite's corporate clients include category-leading companies across financial services, tech, legal, consulting, entertainment, agency, real estate, and other verticals. Every transaction made on the Sharebite platform results in a donation to alleviate hunger in local communities, via its partnerships with Feeding America and City Harvest.

About Prosus

Prosus is a global consumer internet group and one of the largest technology investors in the world. Operating and investing globally in markets with long-term growth potential, Prosus builds leading consumer internet companies that empower people and enrich communities. The group is focused on building meaningful businesses in the online classifieds, food delivery, payments and fintech, and education technology sectors.

Each month, more than 2 billion customers across the globe use the products and services of companies that Prosus has invested in, acquired, or built. To find out more, please visit www.prosus.com.

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SOURCE Sharebite