Tuesday, September 23, 2014

Favor Finds $2M For Local Delivery Services

Austin-based Favor, a new startup which develops an app to help get things delivered from both local stores and restaurants, has raised $2M in a seed funding round. The company said this morning the funding came from Tim Draper and Silverton Partners. Favor--which so far offers its service in Austin and Boston--is led by Ben Doherty. The company said it uses proprietary algorithms to manage supply and demand, and facilitates personal deliveries with an average delivery time of 35 minutes. The company says it already has 250 drivers on its platform, providing restaurants so far with $2M in sales. Like other, smartphone-driven marketplace startups like Uber, Favor is tapping a network of individuals it calls "Runners" to do the actual pickup and delivery. More information »