There’s been a lot of shakeout in the food-delivery business, and it’s not over yet.
Startups that have closed up shop include Maple, Sprig, and SpoonRocket. More consolidation is likely, as investors concentrate their bets on established companies like DoorDash. UberEats is also reportedly doing well.
On March 1, San Francisco-based DoorDash raised $535 million from SoftBank and other investors at a $1.4 billion valuation. According to data from venture-capital tracker CB Insights, that brings funding to food delivery startups to $702 million so far this year, two-thirds of what was raised during all of 2016, and ahead of the pace at this point in 2017.