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EatStreet funding reaches $10 million

EatStreet funding reaches $10 million

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EatStreet, a Madison company that lets consumers order food online or through mobile devices, has finalized an additional $4 million in funding.

Added to the $6 million the company closed on in April, Eat Street has raised a total of $10 million from investors so far this year.

New investors include the State of Wisconsin Investment Board (SWIB) and 4490 Ventures, a new early-stage venture fund formed by SWIB and the Wisconsin Alumni Research Foundation.

“We’re really excited to work with both of them,” EatStreet co-founder and chief executive Matt Howard said. “Greg (Robinson, general partner of 4490 Ventures) has a lot of experience growing tech companies and getting them funded. He is going to bring a network of people that’s going to help grow our business.”

Founded in 2010, EatStreet has signed up 15,000 restaurants in 125 cities, up from 2,500 restaurants in about 40 cities in January. The goal for 2014 is to expand to 150 cities and 17,500 restaurants by year’s end, Howard said.

The new money will let the company fire up its marketing, particularly at major university campuses around the U.S., and add more features to its platform, Howard said.

It will also let EatStreet add to its staff. The company, at 131 W. Wilson St., has 55 full-time and 30 part-time employees, all in Madison.

Howard said he plans to hire about 50 more, to bring EatStreet to 125 to 150 employees by the end of 2015.

One new app lets users place orders for future dates; another, in the works, will allow group orders with separate checks, Howard said.

EatStreet also integrated into Yelp’s platform in June, letting customers order directly from more restaurant pages on Yelp, a website for consumers to post reviews.

EatStreet was one of the start-ups that AOL co-founder Steve Case visited Monday morning, as part of Case’s Rise of the Rest tour. “It was phenomenal, a great experience to talk to him,” Howard said.

He said he thinks Case came away with an understanding that “you can build a company in Madison,” Howard said.


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