Food delivery venture has cooled sharply from the cloud kitchen and rapid-grocery peak. The 2020-2021 cloud kitchen wave has retrenched on unit economics, and rapid-grocery has consolidated. Capital still flows to less saturated verticals - restaurant-direct ordering, specialist grocery and convenience, B2B foodservice delivery, logistics infrastructure - and to platforms that can show credible per-order contribution once driver pay is properly accounted for.

Active investors are the consumer specialists - Forerunner, Bessemer and Greylock - plus the generalists with named positions in the category, including Sequoia, Andreessen Horowitz and Accel. The corporate venture and strategic investment arms of the major delivery platforms, particularly Uber and DoorDash, are increasingly active in adjacent and infrastructure rounds. Flow has direct relationships with the consumer specialists, the generalists writing the delivery thesis and the strategic investment arms of the major delivery platforms.

Flow has experience running VC fundraising processes for food delivery companies across restaurant marketplaces, grocery and convenience delivery, cloud and ghost kitchens, restaurant-direct ordering platforms and delivery infrastructure and logistics. Our extensive investor network spans early-stage seed funds, growth-stage investors, and strategic and corporate VC arms.