DoorDash to Buy Caviar
DoorDash has entered into a definitive agreement with Square to acquire Caviar for $410 million in cash and DoorDash preferred stock. DoorDash’s acquisition of Caviar creates a highly differentiated company with a unique brand and wide-ranging selection.
The acquisition underscores both DoorDash and Caviar’s strategic commitment to merchant selection. The addition of Caviar’s premium restaurants, with whom DoorDash will work closely to drive their growth, will enable the combined organization to cater to every food preference and occasion. Caviar’s complementary geographic footprint provides DoorDash with a significant number of new and unique customers, who will benefit from an even broader set of merchants.
Furthermore, DoorDash will benefit from Caviar’s technology and team, who are deeply passionate about the restaurant delivery experience for merchants, couriers and customers. The Caviar team, including Caviar Lead Gokul Rajaram, will join DoorDash once the acquisition closes.
The transaction continues to build on the partnership between DoorDash and Square. DoorDash is currently integrated with Square for Restaurants point of sale, which streamlines the acceptance of online and in-person orders for merchants, and in the second quarter Cash Boost partnered with DoorDash to provide instant rewards when customers use their Cash Card at DoorDash.
Caviar is an all-in-one food ordering platform that connects diners with the most crave-worthy restaurants, via convenient delivery, pickup, or catering. Caviar, part of Square’s suite of services for businesses, partners with thousands of restaurants in hundreds of cities across the U.S., to grow their sales and bring them new customers. Caviar also provides economic empowerment and flexible earning opportunities for couriers, including being the first company in the industry to offer an occupational accident insurance policy that protects all couriers when they’re delivering on the Caviar platform at no cost to them. Caviar was founded in 2012 and acquired by Square in 2014 – to learn more, visit trycaviar.com.