Slice is a New York City-based startup app company that helps small independent pizzerias build an online presence by helping them with technology, data, marketing, and more to compete against major corporate chain pizzerias. Additionally, customers can order from their favorite local pizzerias directly in the app.
The business states it has more than 15,000 pizzerias in 3,000 cities across the United States (US) using its platform. Ilir Sela, CEO and founder of the business, said in an interview the startup app company hopes to reach 20,000 partner pizzerias by the end of 2021. In addition, Slice reported that when independent pizzerias use the platform, they experience a 40% increase in average online order value and a 20% increase in re-order rates. As a result, the startup app company has helped pizzerias save $250 million.
Furthermore, pizzerias that partner with the tech startup will gain access to Slice Delivery, Slice Marketplace, and Slice Register. These services aid pizzerias in pizza delivery, distribution of their menu to a wider audience, and integration of a new point-of-sale (POS) system with whatever system they already have in place.
Crunchbase data reports the business has raised $125 million in total funding with investments from GGV Capital and Kohlberg Kravis Roberts.
$40 Million for Slice
Slice revealed today in a press release that the startup company raised $40 million in a Series D financing round. This new funding was led by new investors Cross Creek Ventures and 01 Advisors with participation from previous investors. 01 Advisors was started by former Twitter CEO and COO Dick Costolo and Adam Bain. Furthermore, the business previously raised $43 million in a Series C round last spring.
Sela said in a statement, “We are excited to welcome Adam Bain and Dick Costolo from 01 Advisors as investors and welcome their support as we continue to make strategic investments to keep local thriving...We are so grateful to Cross Creek for leading this round and giving us the opportunity to bring on the 01 team as we enter this next stage of growth and continue to double down on our mission.”
With the new capital, the startup app company plans to continue investing in vertical solutions for its partner shops, expand the product roadmap for the business, and scale a new ongoing program — Slice Accelerate. This new program created by the tech business is designed to help pizzerias that were especially hit hard by the COVID-19 pandemic. Select shops will receive $15,000 each worth of technology and services.
Peter Jarman, managing director at Cross Creek Ventures, said in a statement, “Slice has an incredibly impressive track record in investing in the success of independent pizzerias while better serving consumers...We’re thrilled to back the Slice team as they broaden the platform, scale product adoption, and strengthen their lead in the market by uniting small businesses with best-in-class technology and specialized services.”
About the Author
McKenzie Carpenter is a graduate of Central Michigan University with a B.A.A. in Integrative Public Relations and French. McKenzie has previously worked for small businesses and nonprofit organizations.