How Much Did Chowbus Raise? Funding & Key Investors

Chowbus has successfully raised $19,999,987 in its latest funding round, backed by FJ Labs. The company offers a comprehensive all-in-one restaurant POS system designed to save labor costs and grow business revenue.

Keep reading to explore the intricacies of Chowbus's fundraising journey and the investors backing this innovative platform.

What Is Chowbus?

Chowbus, founded on May 20, 2015, is a prominent player in the restaurant technology industry. Based in Chicago, Illinois, the company specializes in providing a cloud-based point-of-sale system designed to streamline restaurant operations and boost revenue.

Founded by Linxin Wen, Pu Chen, Suyu Zhang, and Xiping Wang, Chowbus employs between 251-500 people. The company operates on a SaaS model, ensuring continuous software upgrades and the latest features for its users.

Chowbus's comprehensive POS system includes features like loyalty programs, waitlist management, and online ordering, catering to various restaurant types such as full-service, quick-service, and specialty cuisines like hot pot and dim sum.

How Much Funding Has Chowbus Raised?

1. Pre-Seed Round
   • Amount Raised: $210K
   • Date: June 2017
   • Lead Investors: Not publicly disclosed
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: Initial development and market entry.
2. Pre-Seed Round
   • Amount Raised: $1.1M
   • Date: February 2018
   • Lead Investors: Greycroft
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: Early-stage growth and product development.
3. Seed Round
   • Amount Raised: $4M
   • Date: January 2019
   • Lead Investors: FJ Labs, Greycroft
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: Scaling operations and expanding market reach.
4. Series A
   • Amount Raised: $33M
   • Date: July 2020
   • Lead Investors: Altos Ventures, Left Lane Capital
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: Expanding services to more cities and introducing new product lines.
5. Venture Round
   • Amount Raised: $30M
   • Date: October 2020
   • Lead Investors: Not publicly disclosed
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: Further expansion and technological enhancements.
6. Venture Round
   • Amount Raised: $40M
   • Date: August 2023
   • Lead Investors: Prysm Capital
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: Scaling operations and market penetration.
7. Venture Round
   • Amount Raised: $20M
   • Date: August 2024
   • Lead Investors: Not publicly disclosed
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: Enhancing product offerings and expanding market presence.

Total Amount Raised: $128.31M

Current Valuation: Not publicly disclosed

Key Investors

• Altos Ventures
  • Details: Altos Ventures is a global venture growth investor dedicated to backing exceptional founder-led companies. Based in Silicon Valley, they manage a portfolio of fast-growing companies generating billions in revenue.
  • Investment Focus Areas: Early-stage technology companies, software, internet, mobile.
  • Notable Investments: Roblox, Coupang, SendBird.
• Left Lane Capital
  • Details: Left Lane Capital is a New York-based venture capital and early growth equity firm focused on high-growth, high-retention consumer and internet businesses. They invest in companies that are fundamental to the human condition and spirit.
  • Investment Focus Areas: High-growth internet and consumer technology companies.
  • Notable Investments: GoStudent, M1 Finance, Tovala.
• Hyde Park Angels
  • Details: Hyde Park Angels focuses on early-stage investments in technology, healthcare, and consumer products. They are known for their active involvement in the growth and development of their portfolio companies.
  • Investment Focus Areas: Early-stage technology, healthcare, consumer products.
  • Notable Investments: FourKites, ShipBob, SpotHero.
• Fika Ventures
  • Details: Fika Ventures is an early-stage venture capital firm that invests in enterprise software, fintech, and marketplaces. They focus on seed-stage investments and are based in Los Angeles.
  • Investment Focus Areas: Enterprise software, fintech, marketplaces.
  • Notable Investments: Pipe, Papaya, Embark Veterinary.
• FJ Labs
  • Details: FJ Labs is a venture capital firm that focuses on marketplace businesses and consumer internet companies. They have a global investment portfolio and are known for their extensive network and expertise in the marketplace sector.
  • Investment Focus Areas: Marketplace businesses, consumer internet companies.
  • Notable Investments: Alibaba, Betterment, Delivery Hero.

What's Next for Chowbus?

Chowbus is poised for significant growth as it expands into new cities across North America. The company plans to introduce innovative features like a "dine-in" function for contactless ordering, catering to the increasing demand for seamless dining experiences. With a 700% increase in revenue and a 300% rise in employee headcount, the opportunities are vast.

Future fundraising rounds are likely, given the company's rapid growth and ambitious expansion plans. Additional funding could help Chowbus scale operations and enhance its platform, making it a strong contender in the competitive food delivery market. However, challenges such as maintaining food quality and navigating regulatory hurdles in new markets remain.

Use Clay to Get Funding Data

Sales professionals, leverage Clay’s platform to access comprehensive fundraising data on companies like Chowbus and gather other critical business insights. Sign up for free to start enhancing your sales strategies today.