GrubHub files for $100M IPO

GrubHub has filed documentation with the U.S. Securities and Exchange Commission confirming rumors from last week that the internet food-ordering startup is set to go public. Its S-1 filing states GrubHub is shooting for a $100 million initial public offering.
There are dozens of sites and apps in the wired and mobile internet that aggregate menus from independently owned restaurants, allowing you to order food for pick-up and delivery online. But GrubHub has managed to raise itself above the pack, buying up many of its competitors such as Seamless, MenuPages and AllMenus. It now has operations in 600 U.S. cities, and processes orders for 28,800 take out restaurants.
The company has 3.4 million “active diners,” which GrubHub defines as someone who has used its services in the last year. It processed 107,900 orders a day last year, and in total it handled $1.05 billion in food orders in 2013.
According to the S-1, GrubHub’s revenues more than doubled in the last two years, growing from $60 million in 2011 to $137 million in 2013. Its profits in the same period, however, fell from $15 million to $7 million as the company expanded.
GrubHub’s biggest investor is Spectrum Equity, which owns 12 percent of the company. It’s other significant investors are Walter Pincus Private Equity (9.1 percent), GS Capital Partners (8.9 percent), Thomas H. Lee Partners (8.9 percent), Benchmark Capital (8.3 percent) and Origin Ventures (6.2 percent).