Offering the latest feeding frenzy for investors are restaurant and grocery delivery companies, reports The Wall Street Journal. Venture-capital firms have invested $3.5 billion in food and grocery services so far this year, more than triple the amount they invested in 2017, according to PitchBook.
Grocery delivery service Instacart secured a $600 million investment that raised its valuation to $7.6 billion. Food delivery service Postmates Inc. interviewed banks for roles on an initial public offering. DoorDash Inc. is valued at $4 billion after receiving its latest round of funding in August. UberEats is credited with what bankers estimate will be $20 billion of Uber's $120 billion valuation.
As people gravitate toward more convenient ways to eat, investors and food industry leaders expect delivery to boom. Some investors expect a wave of consolidation, according to the report. Full Story
Related: Munchery Ends Food Delivery in 3 Cities; Uber Sets Target Date for Drone Meal Delivery.
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