US-based food delivery services provider Butler Hospitality completed a $15m series A round on Friday that included diversified conglomerate Kraft Group, valuing it at $85m post-money.
The round was led by consumer-focused investment and incubation firm &vest and was also backed by Mousse Partners, Scopus Ventures and Loeb.nyc. The company said it has now raised $20.2m in total and named Kraft, Scopus Ventures and Loeb.nyc as existing investors.
Butler operates a ghost kitchen service that runs hotel restaurants on behalf of their owners, creating a menu of high-quality food and delivering it to nearby hotels on demand, allowing them to in effect outsource their room service.
The funding has been earmarked for the expansion of the company’s services in addition to its progression from its New York City base into the cities of Chicago, Miami and Washington DC by January 2021.
Tim Gjonbalic, founder and CEO of Butler, said: “The trust and support we have received from our investors is incredible encouragement for our team. As the hospitality industry navigates the challenges of Covid-19 we have strived to adapt and meet the demands of our customers and continue to support our partners.”
