Acquiring

Square’s Latest $100M Acquisition

According to sources close to the deal, curated food delivery startup Caviar could soon be acquired by Square in a deal rumored to be worth at least $100 million. TechCrunch reports the deal is to be negotiated and officially announced over the course of the next several weeks.

Caviar is a high-end food delivery start-up that specializes in delivery deals with high-quality restaurants.  It also features group ordering so that a single customer can easily add family members, coworkers or friends to their order by sharing a link.

Like many tech start-ups, Caviar launched in San Francisco before expanding in the majority of the U.S.’s major markets including New York, Seattle, Boston and D.C.

The company raised a $13 million in Series A funds and secured $2 million in seed money from Winklevoss Capital and Andreessen Horowitz, among others.

Square launched Square Order in May to move into the rapid delivery food court that is developing as a sub-ecosystem in payments. Square Order allows users toorder food for takeout, but requires they pick up their own order.

Caviar handles pickup and delivery and could offer a large value added for Square merchant customers, especially if they can bring down the costs of delivery. However, Caviar first much catch on in a marketplace increasingly crowded with apps and sites dedicated to making getting food to the consumer easier.

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