Company Research: Cooking
Outside the US and China, some of the largest, most innovative and fast growing internet food companies in the world are Cookpad, Deliveroo, Zomato, Ritual and Just Eat. The largest of these have a value that is over $1 billion.
- Cookpad is a Japanese food tech company founded in 1997 that created a platform visited by over 100 million people worldwide every month.
- In March 2019, it website has been ranked third worldwide in terms of visitors in the Food and Drink Category, with 142.33 million visitors.
- The platform is aimed at allowing the community to share recipes, tips, and ideas about cooking. Since its inception, 6.8 million recipes have been created on Cookpad.
- The service is available in 25 languages and 70 countries, with the aim to reach 100 countries within two years.
- The concept of the platform is likened to a Pinterest-style format, and has experienced great success in less than a decade, which led to the company going public in 2009.
- Cookpad has been valued at $1 billion.
- Deliveroo is a British food technology company that received close to $1 billion in funding since its creation in 2013. The company is now valued at $2 billion after experiencing strong growth in the last five years.
- The Deliveroo app started providing food delivery services from restaurants that never offered it before.
- In addition to making food from local restaurants available for delivery, the company also supports aspiring chefs with kitchens, and then makes their food available to order from their platform.
- Deliveroo employ their own employees to deliver food from local restaurants to their clients, with 35,000 on their payroll.
- Food ordering is optimized by Deliveroo's technology platform which includes a logistics optimization algorithm.
- Zomato is an Indian company that offers an app to search for restaurants and a website, with information about over 1.4 million restaurants in 23 countries.
- Customers use the app to find new restaurants, and have the possibility to rate and review them, thus enriching the platform for all the community. If they want more trusted advice, they can even create their own private network of reviewers and foodies.
- Other features of the app include online ordering and the possibility to make table reservations.
- However, the most advanced functionality is a new Point-of-Sale system using top of the range technology to connect restaurants with customers in a revolutionary way.
- The company has raised over $755 million since its launch.
- Ritual is a Canadian company offering a social ordering app aimed mainly at office workers.
- It allows customers working in surrounding offices to order and pay for their food online, and to pick it up when it is ready, saving time. They can also have it delivered.
- The social aspect of the app is that co-workers or friends can also add their orders onto an existing one. It makes it much easier and practical for a colleague to bring food to the office, as it would have already been paid for and ordered through the app.
- The company has received $112.9 million in funding since its launch in 2014.
- It has started offering ordering options in Toronto in 2015, before spreading to New York, Boston and Washington D.C.
- It is now available in other US cities such as Minneapolis, San Francisco, Los Angeles, Houston and Santa Monica.
5) just Eat
- Just Eat is a global leader in online food ordering.
- The company started in Denmark in 2001 before growing its activities and spreading overseas, with a UK launch in 2006.
- In 2009, the company received a Series A funding of £10.5 million, which allowed it to expand further internationally.
- The company is currently based in London, and has received so far £55 million in funding.
- It has operations in 12 countries around the world including the UK, Denmark and Ireland in Europe, and Canada in North America.
- Just Eat has close to 100 thousand partners worldwide catering over 100 types of different cuisines, with a focus on small takeaway restaurants.
- The company prides itself in always trying to innovate, having recently realized the first food delivery by robot, and using a chat bot to assist clients in choosing their favorite flavors.
- Just Eat has grown rapidly since its IPO in 2014 and started the year 2018 with the highest valuation of any online food delivery firm.
- The company entered the FTSE 100 list of Britain’s top companies with a valuation of £5.5 billion in November 2017.
The companies listed above have been first selected because they are large, innovative and fast growing. The large size means that they are valued between $100 million and $10 billion. The value of the company has been provided if available, or the funding since the launch as a proxy in instances when the valuation was not communicated. The innovative aspect usually means a new service that was not provided or did not exist previously. Finally, the fast growth is represented by a quick rise of the valuation, the revenue, or the funding raised by the company. Most of the top companies in this industry are from the US, but these have been discarded as outside the scope.