Caviar specializes in food delivery services, which should help Square's efforts in the thriving food delivery space.
Mobile payments processing company, Square, is acquiring Caviar, a food delivery startup based in San Francisco, according to TechCrunch. Sources said that the $100 million deal is happening in the coming weeks, although TechCrunch said that the negotiation could also flop, considering the volatile startup ecosystem.
Don't Miss: NES Classic Alternatives are Cheaper
For starters, Caviar was launched in 2012 by five people. The idea was to start a premium delivery business that will partner with the best restaurants in San Francisco. After years of hard work, Caviar raised $2 million in seed funding from Winklevoss Capital and Andreessen Horowitz. '
In April this year, Tiger Global led a $13 million Series A funding that allowed the startup to expand into Boston, Chicago, Seattle, Manhattan, and Washington. Square declined to comment on the TechCrunch report.
It's worth noting that Square previously launched food ordering application called Square Order which allows users to order food from restaurants. However, it required users to pick up their own food. In contrast, Caviar specializes in food delivery services, which should help Square's efforts in the thriving food delivery space.