How Much Did Snackpass Raise? Funding & Key Investors

Snackpass has successfully raised funding over four rounds, with the latest being a Series B round, attracting a total of 39 investors including notable names like Draymond Green and Pioneer Fund. The platform focuses on mobile order pickup at local restaurants, leveraging AI-driven marketing and point-of-sale solutions to enhance restaurant operations and customer engagement.

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

What Is Snackpass?

Snackpass is a social commerce platform that focuses on mobile order pickup at local restaurants. Based in San Francisco, California, the company leverages AI-driven marketing and point-of-sale solutions to enhance restaurant operations and customer engagement.

Founded with the aim to streamline the dining experience, Snackpass has grown to employ between 51-100 people. The platform has garnered significant attention and funding, reflecting its innovative approach to restaurant technology.

How Much Funding Has Snackpass Raised?

1. Pre-Seed Round
   • Amount Raised: USD 120,000
   • Date: January 2018
   • Lead Investors: Y Combinator
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To develop the initial product and validate the business model.
2. Seed Round
   • Amount Raised: USD 2,000,000
   • Date: May 2018
   • Lead Investors: First Round Capital
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To expand the team and scale the platform to more users and restaurants.
3. Series A Round
   • Amount Raised: USD 23,517,064
   • Date: December 2019
   • Lead Investors: Andreessen Horowitz
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To scale operations, expand the team, and further develop the product.
4. Series B Round
   • Amount Raised: USD 70,000,000
   • Date: June 2021
   • Lead Investors: Craft Ventures
   • Valuation at Round: Over $400 million
   • Motivation Behind the Round: To continue expanding to more markets in the U.S. and capitalize on the platform's growth and profitability.

Total Amount Raised: USD 95,637,064. Current Valuation: Over $400 million.

Key Investors

• Craft Ventures
  • Details: Craft Ventures is a venture capital firm that led the Series B funding round for Snackpass. The firm focuses on early-stage and growth-stage companies.
  • Investment Focus Areas: SaaS, marketplaces, e-commerce.
  • Notable Investments: Bird, SpaceX, Reddit.
• Andreessen Horowitz
  • Details: Andreessen Horowitz is a prominent venture capital firm that led the Series A funding round for Snackpass. The firm invests in technology companies across various stages.
  • Investment Focus Areas: Consumer, enterprise, bio/healthcare, crypto, fintech.
  • Notable Investments: Facebook, Airbnb, Lyft.
• First Round Capital
  • Details: First Round Capital is a venture capital firm that led the Seed funding round for Snackpass. The firm specializes in seed-stage investments.
  • Investment Focus Areas: Technology, consumer sectors.
  • Notable Investments: Uber, Square, Warby Parker.
• Y Combinator
  • Details: Y Combinator is a startup accelerator that led the Pre-Seed funding round for Snackpass. The accelerator provides seed funding and mentorship to early-stage startups.
  • Investment Focus Areas: Early-stage startups across various industries.
  • Notable Investments: Dropbox, Airbnb, Stripe.
• General Catalyst
  • Details: General Catalyst is a venture capital firm that participated in the Series B funding round for Snackpass. The firm invests in technology and healthcare sectors.
  • Investment Focus Areas: Technology, healthcare.
  • Notable Investments: Stripe, Snap, Airbnb.

What's Next for Snackpass?

Snackpass is poised for significant growth as it expands beyond college towns into major cities like New York, Los Angeles, and San Francisco. The platform's focus on social features and pickup orders positions it well to capitalize on the $800 billion restaurant industry, where 90% of transactions are still offline. With a user base of over 500,000 and high engagement rates, the potential for growth is substantial.

Future fundraising opportunities are likely as Snackpass continues to scale and develop new features. The involvement of high-profile investors in previous rounds suggests strong confidence in the company's vision. However, challenges such as competition from established food delivery platforms and maintaining profitability in new markets will need to be navigated carefully.

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