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GrubHub announced today plans to raise up to $100 million through an IPO, which was filed confidentially last week by the online and mobile food ordering company, according to the Associated Press.
Although GrubHub (yes, they finally decided to drop “Seamless” from their name) declined to comment on the news today, the company did release a press statement confirming the IPO and the name change. The Chicago Tribune today also reported that co-founder and COO Mike Evans will be leaving the company by June 30.
“I've had an incredible decade with the company, during which time I’ve been fortunate to work with a great team to reach a series of exciting milestones,” Evans said, according to the Tribune. “Having achieved the goals I set out for myself and the organization back in 2004, I’ve decided to pursue new and challenging goals, both personally and within the Chicago startup community. I leave confident that the executive team will continue to deliver on the promise to make takeout better, and I look forward to seeing what the future has in store for GrubHub.”
Since Evans and CEO Matt Maloney founded GrubHub here in Chicago in 2004, the company has witnessed amazing growth: the team has raised about $85 million, merged with New York-based Seamless and now reaches over 28,000 restaurants worldwide via GrubHub, Seamless, MenuPages and Allmenus brands. The $100 million IPO is the just icing on the cake, which has been 10 years in the making.
And there is only more good news ahead for GrubHub as it ventures into this new stage. Restaurant industry sales are expected to top $680 billion this year and, according to a recent National Restaurant Association survey, 0ver 50 percent of people under the age of 44 already use the Internet for takeout or delivery. Because GrubHub got such a big head start back in 2004 getting these consumers on board in this huge market, the Chicago tech community can only expect some equally big growth and revenue numbers coming around the corner for this company.
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