updated 06:11 pm EDT, Mon August 4, 2014
Caviar purchase fills out Square restaurant service range
Payment processing service Square has acquired a food delivery service. The purchase, estimated to be worth around $90 million in stock, sees Square take control of Caviar, a start-up delivery firm which allows restaurants and other food-related establishments to offer deliveries of orders to customers, even if the business does not typically offer any delivery service at all.
Confirmed by TechCrunch earlier today, as well as by each respective company's blog, the purchase benefits Square in a multitude of ways. It currently provides Square Order, a way for customers to place orders at restaurants for later pickup, as well as an invoicing service, inventory tracking, and a point-of-sale service currently used by 50,000 restaurants, so picking up Caviar would round out the suite of services.
Starting from San Francisco in 2012, Caviar has expanded to Boston, Chicago, New York, Los Angeles, Seattle, and Washington D.C, growing its order volume by 500 percent year-on-year, with 80 percent of its monthly deliveries occurring with repeat customers. For the immediate future, Caviar will continue to operate separately from Square, with customers expected to see little in the way of changes in the short term.