Dining and takeout food tech startup Allset raises $8.25M in Series B funding even as coronavirus ravages the restaurant industry
With many businesses grappling with coronavirus pandemic, the impact of the deadly virus is more felt in the restaurant industry, with millions of restaurant workers laid off across the United States. However, in the midst of pandemic, one foodtech startup is still thriving. Allset is a platform that allows diners to pre-order and pre-pay meals to save them time normally spent waiting around.
Co-founded by Ukraine-born Stas Matviyenko, the San Francisco, California-startup announced that it has raised $8.25 million in EBRD-led the Series B round, with participation from existing investors Andreessen Horowitz and Greycroft, amongst others. The new round brings the Allset’s total funding to $16.6 million.
“When they announced that dining was no longer allowed, we had to direct all of our development resources to remove our main feature: dining,” explained Matviyenko, who cofounded the company alongside fellow Ukrainian immigrant Anna Polishchuk. “Pickup for us was an additional feature, and then suddenly it was our entire business.”
Founded in 2015 by Stas Matviyenko and Anna Polishchuk, Allset offers a platform that connects local restaurants to its busy diners. The company wants to remove friction from basic and routine things that it faces every day with the help of advanced technology. Allset started with one of the most essential and time-consuming parts of our lives — everyday dining out. Headquartered in Los Angeles, California, Allset is a comprehensive platform that connects local restaurants and busy diners for everyday dining that is easy, frictionless, and healthy.
“Around 30% of restaurants on our platform have shut down, and we expect 30% of that group will never reopen,” said Matviyenko, noting that those that have stayed open in residential areas have seen major spikes in activity on the platform. “What I can say for sure is that some restaurants have given up too early. Instead of closing, they should have invested in broadening their network of third-party platforms like us, Postmates and UberEats.”
Allset pioneered on-demand dine-in technology and now are partnering with 2,500+ restaurants in 11 major U.S., including BJ’s, Buffalo Wild Wings, Subway, Bareburger, Pokéworks, and more.