DoorDash Inc (DASH)

[TruckingAngler]

DASH confirms acquisition 2/8:
Nice news !!!
“4:22p ET 2/8/2021 - MarketWatch
UPDATE: DoorDash buys Chowbotics, maker of food-preparing robots
Mentioned: DASH
By Levi Sumagaysay

DoorDash Inc. has bought Chowbotics, a maker of food-preparing robots, as part of its effort to help merchants grow their businesses, the delivery-app company announced Monday.

The robots of Hayward, Calif.-based Chowbotics make customizable salads, grain and poke bowls, parfaits, cereals and snacks and can be found at grocery stores, hospitals and other locations. DoorDash is thinking the machines could be used to automate some food preparation at restaurants.

DoorDash isn't disclosing how much it paid for the company, which says on its LinkedIn profile that it has deployed more than 100 of its robots. The deal was completed late last year, a DoorDash spokeswoman said.

"Bringing Chowbotics' technology into the DoorDash platform gives us a new opportunity to help merchants expand their current menu offerings and reach new customers in new markets," said DoorDash co-founder Stanley Tang in a statement.

As the coronavirus pandemic has propelled delivery of food and other goods to record levels, DoorDash is the top food-delivery app in the U.S., with a 50% market share, according to Edison Trends.

See: The pandemic has more than doubled food-delivery apps' business (https://www.marketwatch.com/story/the-pandemic-has-more-than-doubled-americans-use-of-food-delivery-apps-but-that-doesnt-mean-the-companies-are-making-money-11606340169?mod=levi-sumagaysay_seemore)

Venture-backed Chowbotics has raised $20.8 million, according to Crunchbase, and was valued by PrivCo at $50 million to $100 million in 2018.

Rick Wilmer, chief executive of Chowbotics, said in a statement that the deal will allow his 7-year-old company to take advantage of DoorDash's lead in U.S. food delivery.

"DoorDash has the unparalleled reach and expertise to help us grow and deploy our technology more broadly, so together, we can make fresh, nutritious food easy for more people, Wilmer said.

DoorDash shares closed at $177.43, a 2.1% decline, on Monday. The company's stock is up more than 24% so far this year.

The company's acquisition of Chowbotics isn't its first foray into automation. In 2019, it bought Scotty Labs, which is working on technology to remotely operate vehicles. The fair value of that purchase was $5 million, according to a DoorDash filing with the Securities and Exchange Commission. “
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