Venture Capital
Food Delivery Startup SpoonRocket to Close Shop
The company says it failed to raise venture capital and was squeezed out by competitors.
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SpoonRocket, one of the first food delivery startups to sell meals cooked in its own kitchens, will shut down its operation on Tuesday. The Berkeley, Calif., company said it failed to raise funding and got squeezed out by competitors.
SpoonRocket has raised $13.5 million from venture capitalists including Foundation Capital, General Catalyst Partners, and Funders Club, according to research firm CB Insights. Investors have put more than $170 million combined into rivals Munchery and Sprig. SpoonRocket encouraged customers to download Sprig’s app as an alternative.