Latest news with #CocoRobotics
Bloomberg
a day ago
- Business
- Bloomberg
Robot Delivery Service Plans US and Europe Expansion
Coco Robotics, the maker of cooler-sized delivery robots, has raised $80 million in its latest funding round to improve the technology and expand to new cities. CEO Zach Rash discusses how the service has been performing in L.A., Helsinki, and other cities with Caroline Hyde on 'Bloomberg Tech.' (Source: Bloomberg)
Yahoo
11-06-2025
- Business
- Yahoo
Sam Altman-backed Coco Robotics raises $80M
Los Angeles-based Coco Robotics, a startup building last-mile delivery robots, announced it raised $80 million on Wednesday. The funding round included angel investors Sam Altman and Max Altman, both returning investors, in addition to VC firms like Pelion Venture Partners and Offline Ventures, among others. This brings the company's total funding to more than $120 million. The company last raised a $36 million Series A round in 2021. Coco's zero-emissions robots can hold 90 liters worth of groceries or goods and have made more than 500,000 deliveries since they hit the streets in 2020, the company said. It says it works with national retailers including Subway, Wingstop and Jack in the Box. Sam Altman's financial interest in Coco is clear. While he's personally providing capital to the company, OpenAI apparently gets a benefit too. Coco announced a partnership with OpenAI in March which allows Coco to use OpenAI while the AI company gains the real-world data the robots collect to train its models. The company was founded in 2020 by Brad Squicciarini and Zach Rash. TechCrunch reached out to Coco for more information. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
TechCrunch
11-06-2025
- Business
- TechCrunch
Sam Altman-backed Coco Robotics raises $80M
In Brief Los Angeles-based Coco Robotics, a startup building last-mile delivery robots, announced it raised $80 million on Wednesday. The funding round included angel investors Sam Altman and Max Altman, both returning investors, in addition to VC firms like Pelion Venture Partners and Offline Ventures, among others. This brings the company's total funding to more than $120 million. The company last raised a $36 million Series A round in 2021. Coco's zero-emissions robots can hold 90 liters worth of groceries or goods and have made more than 500,000 deliveries since they hit the streets in 2020, the company said. It says it works with national retailers including Subway, Wingstop and Jack in the Box. Sam Altman's financial interest in Coco is clear. While he's personally providing capital to the company, OpenAI apparently gets a benefit too. Coco announced a partnership with OpenAI in March which allows Coco to use OpenAI while the AI company gains the real-world data the robots collect to train its models. The company was founded in 2020 by Brad Squicciarini and Zach Rash. TechCrunch reached out to Coco for more information.
Bloomberg
11-06-2025
- Automotive
- Bloomberg
Altman-Backed Robot Delivery Startup Raises $80 Million in Funding
Coco Robotics, a startup that operates a fleet of cooler-sized delivery robots on wheels, has raised $80 million in funding from OpenAI Chief Executive Officer Sam Altman and other backers, a sign that automated delivery technology is advancing. The financing, which Coco Robotics plans to announce Wednesday, was led by venture capital firm SNR, with participation from investors including Pelion Venture Partners, Offline Ventures and one of Altman's brothers, Max. With the new funding, Coco Robotics, whose corporate name is Cyan Robotics Inc., has raised more than $110 million to date, including a prior round that was led by OpenAI's Altman. The company declined to provide a valuation. Founded in 2020, Coco Robotics is one of a number of startups deploying robots to expedite deliveries in urban spaces. The Santa Monica, California-based company currently operates a fleet of about 1,300 electric robots in Miami, Chicago, Los Angeles and Helsinki, CEO and co-founder Zach Rash told Bloomberg News. The company has partnerships with food delivery services DoorDash Inc. and Uber Technologies Inc. 's Uber Eats and is starting to work directly with merchants, he said. The startup also announced a tie-up with OpenAI in March. Under the agreement, Coco Robotics is using OpenAI's technology, along with its own software, to help its robots avoid obstacles and make decisions on the fly. It also shares data with OpenAI about delivery trips in urban environments. Altman was not involved in the partnership discussions between OpenAI and Coco Robotics, Rash said. Coco Robotics will use the new funds to improve the technology that helps power its robots and to scale up its fleet, Rash said. He expects to have at least 10,000 robots in operation by the end of next year. Coco Robotics plans to roll out the robots in major cities in the US and Europe, he added, without naming specific locations.
Yahoo
06-05-2025
- Business
- Yahoo
DoorDash to buy Deliveroo for $3.8bn
US-based food delivery firm DoorDash has agreed to acquire UK rival Deliveroo for £2.9bn ($3.8bn). Deliveroo is a British multinational online food delivery company headquartered in London. It operates in Belgium, France, Ireland, Italy, Kuwait, Qatar, Singapore the United Arab Emirates and the UK. Deliveroo works with 176,000 restaurants, grocers and retail partners, as well as more than 130,000 riders, to provide better on-demand delivery experience. It served around seven million monthly active consumers in 2024. Deliveroo generated revenue of £2bn and adjusted earnings before interest, taxation, depreciation and amortisation of £140m for the fiscal year ended 31 December 2024. Deliveroo shareholders will receive 180 pence per share - a 44% premium over the closing price on 4 April 2025. The acquisition terms place a premium on Deliveroo's shares, offering a 29% increase over the 24 April 2025 closing price and a 40% premium on the three-month volume-weighted average price. This deal implies an enterprise value for Deliveroo of £2.4bn. Deliveroo CEO and co-founder Will Shu added: 'We are now at the beginning of a transformative new chapter. DoorDash and Deliveroo are like-minded organisations with a shared strategic vision and aligned values. Together, we will be even better positioned to serve consumers, merchants, riders and local communities. The enlarged group will have the scale to invest in product, technology and the overall consumer value proposition.' The enlarged group will have a global presence in more than 40 countries, serving 50 million monthly active users. Together, the companies generated a total gross order value of $90bn in 2024. DoorDash CEO and Co-founder Tony Xu stated: 'The enlarged group will bring together DoorDash's strong operating playbook with Deliveroo's local expertise to invest in innovation and execution at an even higher level. Together, we will work to deliver the best experience for all of our stakeholders, to grow the GDP of cities around the world, and build the leading global platform for local commerce.' DoorDash operates in more than 30 countries, partnering with more than 500,000 local businesses on its marketplaces. The US company serves more than 42 million monthly active users, and creates uniquely flexible earnings opportunities every year. In April 2025, DoorDash and Coco Robotics rolled out their robot delivery service in Los Angeles and Chicago, involving 600 merchants, after a successful test with Wolt in Helsinki. "DoorDash to buy Deliveroo for $3.8bn" was originally created and published by Verdict Food Service, a GlobalData owned brand.
