Food Expense Management Platform Sharebite Nets $39 Million

Sharebrite, a food benefits platform, announced on Tuesday (June 28) that it closed a Series B round for $39 million, which it intends to use to add more products to ” meet the ever-changing needs” of the modern workplace.

The press release notes that tighter labor conditions have prompted more companies to consider increasing employee benefits, with food an important choice to support employee well-being and support successful crops.

The round was led by tech investor Prosus, its first investment in the US FoodTech space. Sharebrite allows businesses to centralize food ordering and expense management, making it easier for employees who work in offices or remotely.

The company also links transactions on an individual basis, donating meals to food-insecure families and working with nonprofits like City Harvest and Feeding America. Sharebrite uses business-focused technology, which allows businesses to deliver food to employees and manage expense allocation.

“Since day one, our technology has been purpose-built for enterprises as a mechanism for maximum employee engagement,” said Dilip Rao, CEO and co-founder of Sharebite. “Our Series B funding round allows us to further accelerate our market share within the highly profitable corporate segment.

“With the support of world-class partners like Prosus, as well as Fiserv, Contour Ventures, Reign Ventures and others, we will launch new products and optimize our offering to help companies create a better workplace for employees, with dietary benefits.”

Efforts to work with digital food and delivery options have been ongoing for some time, with grocers looking for ways to maintain their e-commerce successes from the quarantine days of 2020, PYMNTS wrote.

Read more: Grocers expand drop-shipping to cut out last-mile middlemen

This has seen some businesses explore developing their own distribution networks, so they no longer rely on options like Instacart.

In one such example, Kroger has opened what it calls Automated Customer Fulfillment Centers, which will work with the UK’s Ocado Group. It’s part of the “hub-and-spoke” model, letting larger distribution centers, or hubs, send things to smaller facilities, called spokes.

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NEW PYMNTS DATA: THE CUSTOM PURCHASING EXPERIENCE STUDY – MAY 2022

About: PYMNTS’ survey of 2,094 consumers for The Tailored Shopping Experience report, a collaboration with Elastic Path, shows where merchants are succeeding and where they need to up their game to deliver a personalized shopping experience.