Maple, a New York-based prepared food delivery startup, has ceased operations, with British competitor Deliveroo acquiring the company’s technology and some of its employees. Founded in 2014, Maple had raised $30 million in equity funding from investors including Thrive Capital and Primary Venture Partners, reaching a valuation of $115 million in 2015.
Maple
All that funding, however, wasn’t enough for the company to overcome the same challenges that have beleaguered many other food startups. Take Eat Easy, Kitchit, Dinner Lab and SpoonRocket all folded last year, possibly due to difficulty scaling operations and a saturated market.
Deliveroo is one company that’s had success in the crowded food delivery space. Since its founding in 2012, the company has raised nearly $400 million in venture funding, including a $275 million round last August at an estimated valuation of $1 billion. And media reports suggest the company could be one of the next European companies to hit the public markets.
Article by PitchBook
