Snackpass was founded in 2017 by co-founders Kevin Tan and Jamie Marshall, who at the time was still studying physics at Yale.  The company has stuck to its roots by growing its user base across 13 college towns and now has over 500,000 users.  That’s powered a Series B financing of $70 million at a $400 million valuation led by Craft Ventures per an article in Techcrunch.

Snackpass bills itself as a social commerce platform for restaurants where “food meets friends.”  Unlike the majority of food-ordering platforms out there that are focused on delivery, Snackpass is taking a different route.  They want to disrupt the line at the counter.  The app lets you order food, but you have to go pick it up yourself.  But you are one of the cool kids because you get to bypass the line and cruise out with your food or drink.

The company asked its users what they would do if they weren’t using the app, and the answer they got:  “Oh, I [would] just stand in line to order.”  So, the market they are attacking is the people standing in lines at restaurants to order – a simple thesis to be sure but possibly a better play than joining the fray of delivery apps fighting over faster delivery and razor thin margins. 

Snackpass collects commissions starting at 7% and currently offers a suite of services including online ordering, self-service kiosks, digital menus, marketing services, and a customer referral program.

Bryan Rosenblatt, partner at Craft Ventures statement
“In building a social experience around food through shared rewards, gifting, and a social activity feed, Snackpass has created a dynamic and attractive restaurant ordering system.  The growth of its marketplace and virality of the product coupled with Snackpass’ outstanding team and vision, make it the ultimate solution for consumers and businesses alike. We are thrilled to help take Snackpass to the next level with this latest round of funding.”

Easy peasy to share this story with your peeps