- General
- May 13, 2020
- 4 minutes read
KKR Leads Series C For Slice
KKR co-founder and Co-CEO Henry Kravis. Photograph by Stefen Chow/Fortune, under Creative Commons license Slice, a New York-based pizza delivery…
KKR co-founder and Co-CEO Henry Kravis.
Photograph by Stefen Chow/Fortune, under Creative Commons license
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Slice, a New York-based pizza delivery startup, has announced it’s secured $43 million in Series C funding led by private equity firm KKR, with participation from existing investors including GGV Ventures. Before now, Slice is known to have raised $30 million in funding, entailing the Series C adds up its total funding since inception to $73 million. KKR’s investment in the company comes primarily from one of its dedicated technology funds.
Slice partners with independent pizzerias to facilitate marketing and delivery of pizzas for such partners. Thanks to Slice, independent pizza shops that are often disadvantaged compared to large pizza chains can better market themselves and court deliveries from customers. Currently, Slice works with more than 12,000 pizzerias across all 50 states in the US. The company’s Series C raise notably comes on the heels of a pandemic that has led to an outsized surge in demand for general food delivery services. Slice is no exception to such surge according to its statement and seems to be raising additional funding to help bolster its platform in the middle of higher-than-usual demand. Slice says the new capital will be put towards enhancing and scaling its delivery platform.
As of late, the food delivery market has been hot and with some hot news to match. Yesterday, reports surfaced that Uber was looking to acquire or merge with Grubhub, one of its biggest food delivery competitors. Uber doing so would notably create an entity that would likely become the market leader in the crowded U.S. food delivery market.
Also, Instacart, a grocery delivery service that has been overwhelmed with an enormous surge in demand for its services, is said to be looking to raise hundreds of millions of dollars in additional funding.