GrubHub, the 2006 winner of the Edward L. Kaplan ’71 New Venture Challenge at the University of Chicago Booth School of Business‘ Polsky Center for Entrepreneurship and Innovation, is going public! “GRUB,” as it is listened in the New York Stock Exchange, announced it had completed its public offering on April, 4.
Founded in 2004 by Matt Maloney, ’10, and Mike Evans, GrubHub is one of the most popular online food ordering companies. The service connects diners and corporate businesses with approximately 28,800 takeout restaurants in more than 600 U.S. cities and London.
GrubHub estimates that 3.4 million “active diners” place around 135,000 daily orders on the platform. In May 2013, GrubHub announced it would merge with its top competitor, Seamless; the merger was completed in August 2013.
“Matt and his team deserve high marks for entrepreneurial achievement,” said Steven N. Kaplan, Neubauer Family Distinguished Service Professor of Entrepreneurship and Finance at Chicago Booth and faculty director of the Polsky Center. “The New Venture Challenge provided frameworks, mentoring, feedback, and networks that helped GrubHub refine its business model and accelerate its business.”
After winning the New Venture Challenge, Maloney and Evans gained feedback and guidance for the first iteration of their business by fully taking advantages of resources given to them by the Polsky Center.
“It’s an ongoing pleasure to work with the GrubHub team,” said Ellen Rudnick, executive director of the Polsky Center. “Matt has become a valuable member of the Chicago entrepreneurial community and a generous contributor to the campus startup community.”
