Predict your next investment

Angel Investor (Individual)

See what CB Insights has to offer

Investments

3

About Sean Plaice

Sean Plaice Headquarters Location

Predict your next investment

The CB Insights tech market intelligence platform analyzes millions of data points on venture capital, startups, patents , partnerships and news mentions to help you see tomorrow's opportunities, today.

Latest Sean Plaice News

Uber is buying Postmates in a $2.65 billion deal as it leans on food-delivery to make up for coronavirus losses

Jul 6, 2020

Foto: Uber will buy food delivery firm Postmates for $2.65 billion in an all-stock deal, Uber said Monday, confirming earlier reports. Postmates was founded by Bastian Lehmann, Sam Street, and Sean Plaice in 2011. It currently only serves the US, and is headquartered in San Francisco. Uber has been circling around several smaller food-delivery businesses over the past few years, attempting to buy GrubHub and the UK’s Deliveroo. Uber will buy the food delivery startup Postmates in an all-stock deal worth $2.65 billion, the companies announced Monday, as the ride-delivery firm hopes to bolster a business cratered by the coronavirus. Food-delivery has come front and center for Uber since March, when a near complete dropoff in global travel decimated its core taxi business . A combined Uber Eats and Postmates will help Uber chase the current market-leader DoorDash, bringing it to about a 35% market share, according to estimates from Second Measure. DoorDash currently holds about 45%, the firm estimates. “Uber and Postmates have long shared a belief that platforms like ours can power much more than just food delivery-they can be a hugely important part of local commerce and communities, all the more important during crises like COVID-19,” Uber CEO Dara Khosrowshahi said in a press release. “As more people and more restaurants have come to use our services, Q2 bookings on Uber Eats are up more than 100 percent year on year. We’re thrilled to welcome Postmates to the Uber family as we innovate together to deliver better experiences for consumers, delivery people, and merchants across the country,” Khosrowshahi continued. Lees ook op Business Insider Foto: Uber Eats will likely remain second to DoorDash in the US, even after it buys Postmates. Source: Second Measure Uber has been circling around smaller food delivery companies in many markets over the past few years. Most recently, it tried and failed to acquire GrubHub , which was acquired by Europe’s Just Eat in June. Uber also held talks with the UK’s Deliveroo in 2018, but the two firms couldn’t agree on a price . In 2019, it struck a deal with Chilean grocery delivery firm Cornershop , which should close soon. CEO Dara Khosrowshahi has previously said that Uber will double down in areas where the ride-hailing giant can realistically expect to either win the market or be the second-biggest player. This means exiting some markets where the firm has failed to become the number-one or number-two player, like when Uber Eats sold its Indian business to local player Zomato in January . It also sold its wider southeast Asian business, including its food delivery arm, to rival Grab in 2018 . “This is an aggressive move by Uber to take out a competitor on the Uber Eats front and further consolidate its market position, especially as the COVID-19 pandemic continues to shift more of a focus to deliveries vs. ride-sharing in the near-term,” Dan Ives, an analyst at Wedbush Securities, said in a note to clients about the deal, which is expected to close in the first quarter of 2021, pending approval from US regulatory agencies and Postmates shareholders. On a conference call Monday, Uber said its eats business is now profitable on an EBITDA basis, an adjusted financial metric, in many markets. The combined businesses will be able to significantly cut costs, Khosrowshahi said, helping Uber reach overall profitability – something it’s worked towards for years, but never achieved. Postmates will remain a separate consumer app, and Uber declined to share any details on the company’s finances. Uber specifically cited a strong userbase of young people and millennials on Postmates that it will gain as part of the deal. Foto: A slide from Uber’s presentation to shareholders about its Postmates deal Source: Uber “Over the past eight years we have been focused on a single mission: enable anyone to have anything delivered to them on-demand,” Postmates co-founder and CEO Bastian Lehmann said in the press release. “Joining forces with Uber will continue that mission as we continue to build Postmates while creating an even stronger platform that brings this mission to life for our customers. Uber and Postmates have been strong allies working together to advocate and create the best practices across our industry, especially for our couriers.”

Sean Plaice Investments

3 Investments

Sean Plaice has made 3 investments. Their latest investment was in TipTop as part of their Series A on May 5, 2022.

CBI Logo

Sean Plaice Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

5/12/2022

Series A

TipTop

$23M

Yes

5

3/2/2021

Seed VC

Subscribe to see more

$99M

Subscribe to see more

10

4/18/2017

Seed VC

Subscribe to see more

$99M

Subscribe to see more

10

Date

5/12/2022

3/2/2021

4/18/2017

Round

Series A

Seed VC

Seed VC

Company

TipTop

Subscribe to see more

Subscribe to see more

Amount

$23M

$99M

$99M

New?

Yes

Subscribe to see more

Subscribe to see more

Co-Investors

Sources

5

10

10

Discover the right solution for your team

The CB Insights tech market intelligence platform analyzes millions of data points on vendors, products, partnerships, and patents to help your team find their next technology solution.

Request a demo

CBI websites generally use certain cookies to enable better interactions with our sites and services. Use of these cookies, which may be stored on your device, permits us to improve and customize your experience. You can read more about your cookie choices at our privacy policy here. By continuing to use this site you are consenting to these choices.