Cartwheel, a platform that enables hybrid delivery, raised $3 million in seed capital to enhance its offering, build more integrations and expand the company.
The company, which has powered deliveries for P.F. Chang’s, Taco Del Mar and Portillo’s, has now raised $4 million across two rounds. The initial round included partner Portillo’s, which used the platform to roll out native delivery. Nick Scarpino, SVP of marketing and off-premises at Portillo’s, said it’s become a key system for the company’s delivery efforts.
“Cartwheel powers our in-house delivery program, and its software has been a critical component of the success we’ve seen in delivery over the past few years,” said Scarpino. “We were so impressed with their work that we invested in the company, and we are thrilled they continue to grow and add new features to their platform.”
The latest round was led by Moonshots Capital, a seed-stage venture capital firm that “invests in extraordinary leadership.”
“The team at Cartwheel has the leadership, experience and strategic vision to transform on-demand delivery,” said Craig Cummings, general partner of Moonshots Capital. “To keep up with consumer demands, delivery has become a crucial required ingredient for brands and businesses, and Cartwheel’s technology powers a customizable solution that improves any delivery program.”
Currently, Cartwheel technology supports in-house, outsourced and hybrid delivery models, empowering operators to maintain control over the customer experience. According to the company, the platform helps make native and hybrid delivery more profitable. That’s something Potbelly Sandwich Works lauds.
“With Cartwheel, our delivery program is as customizable as our menu,” said Sam Martinez, business systems manager at Potbelly. “Since implementing these new tools, Potbelly has been able to offer faster, more efficient delivery to our customers from more than 400 locations nationwide.”
In the past year, according to a press release announcing the fundraise, Cartwheel has tripled its customer base and expanded to serve brands in the heavily-regulated cannabis and alcohol industries. The company’s tools are now available to more than 8,000 establishments nationwide. Cartwheel has built more than a dozen partnerships and integrations, with platforms including ChowNow, Nash, and Olo, bringing hybrid delivery availability to small and mid-market businesses, courier services and restaurant chains nationwide. The new round of funding would propel more connections and expand further into new verticals.
Co-founder and CEO Alex Vasiklin said it’s validation for a lot of work over the past decade.
“The Cartwheel team has spent the last 10 years building and optimizing delivery management technology, evolving a solution built for our own restaurant into a SaaS product designed for scale, and we are proud to count some of the biggest brands in the industry as our partners and customers,” said Vasiklin. “This round of funding will help us further the adoption of our delivery management technology, improving the delivery experience for operators and customers alike.”
Investors also include Chigona Ventures and TenOneTen Ventures, Act One and Pitbull Capital, all four investors in the initial May 2021 seed round invested again.