The news: Autonomous delivery company Serve Robotics raised $80 million to increase its fleet of delivery robots ahead of a planned expansion in Los Angeles and the Dallas-Fort Worth metro area, per TechCrunch.
How we got here: Serve has grand ambitions to transform last-mile delivery. The company sees its robots as a more affordable, convenient, and environmentally sustainable delivery solution—albeit one that currently has a limited range of just two miles and is only available to customers in select Los Angeles neighborhoods.
Looking ahead: The rapid growth of food delivery has created considerable opportunities for companies like Serve Robotics as restaurants look to get orders to customers cheaply and efficiently.
In particular, the company’s partnership with Uber should serve it well: We expect the latter’s restaurant sales to grow 15% this year, as consumers overlook higher prices and delivery fees in favor of convenience.
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