Uber's $2.65B purchase 🍕
Today Uber announced it’s acquiring Postmates, the SF based food delivery startup, for $2.65B in an all stock deal.
Postmates first launched on Product Hunt 6 years ago and according to cofounder, Bastian Lehman, the app was already soliciting addictive behaviour from its users even then:
“Food has a long tail just like books or music. In other words, everyone has a favorite restaurant and if you give them the ability to order from that place, they will. We have done deliveries from over 25,000 places. The more often you use Postmates, the more often you keep using it. For example, if you have used Postmates five times, you will (on average) continue to use it at least once per week.“
This is big news in the battle of the food delivery giants, with Uber having missed out on acquiring GrubHub earlier in the year to JustEat for $7.3B. JustEat is one of the biggest companies in Europe in this space, competing directly with Deliveroo and UberEats.
The food delivery industry is big business with a couple of dominant players emerging after a few key acquisitions. We saw DoorDash acquire Square-owned Caviar just last year for a reported $410M. Amazon even tried to get in on the game with Amazon Restaurants a few years back, although has since removed this from its online shopping empire.
Meanwhile, we’ve seen a rise in home cooking as people shelter in place. It might be a good time to invest in some Our Place kitchenware or buy a fancy June Oven. Or you could just...
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