Slice, a startup that helps impartial pizzerias construct an internet enterprise, has raised one other $40 million in Collection D funding.
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The spherical was led by Cross Creek, with participation from KKR, GGV Capital and Main Ventures, in addition to Twitter’s former CEO Dick Costolo and former COO Adam Bain (by their agency 01 Advisors).
Final spring, the startup introduced a $43 million Collection C. Why not increase more cash this time? Founder and CEO Ilir Sela described this as “a fast spherical” to get Costolo and Bain on-board as traders. He additionally prompt there could also be extra fundraising conversations within the not-too-distant future.
“Slice has emerged because the chief in powering some of these small companies which have been serving our communities for many years,” Bain mentioned in an announcement. “We stay up for working with Ilir and the unbelievable staff at Slice to marry our vital working and business-scaling expertise with Slice’s concentrate on enabling financial development on this class.”
Slice has constructed a cell app and web site for ordering from native pizzerias, nevertheless it additionally offers instruments to allow them to construct their very own web sites, run advertising and marketing campaigns, enhance their search engine marketing and extra. Slice solely costs these pizzerias a set $2.25 per order, and final fall it even eliminated the price for orders below $10.
The corporate continues to increase its services and products with the latest launch of a point-of-sale system for pizzerias known as Slice Register, in addition to a cross-pizzeria loyalty program known as Slice Rewards.
A few of this may sound a bit area of interest — a POS system, only for pizzerias? — however once I introduced this up with Sela, he replied, “I like it when individuals say that, as a result of then they proceed to remain out of the best way.”
Slice already has 15,000 pizzerias on the platform, with plans to extend that quantity to twenty,000 on the finish of the 12 months. He added that though the present addressable market consists of 57,000 impartial and small chain U.S. retailers, with the Slice Speed up program (the place the startup offers choose pizzerias with $15,000 price of know-how and providers) “there could possibly be 100,000 within the U.S.”
“With Speed up, we’re taking inefficient pizza retailers who’re predominantly offline and serving to them notice their imaginative and prescient for his or her model,” he continued. That may imply bettering an current location, or it would imply launching new ones. In reality, he mentioned the brand new program has already helped to revamp Pizza Mia in Staten Island and can work with Crown Heights-based Billy’s Pizza & Pasta to open a second location.
“I undoubtedly suppose that long run, there’s an enormous query whether or not our very distinctive mannequin could possibly be utilized to different verticals,” he mentioned. “I feel it might, however it will be a mistake to maneuver into these verticals right this moment, due to the chance that it exists in pizza.”