Cheetah Revenue, Valuation, Funding & Investors

Cheetah is valued at $180M as of April 2020, a 1.6x multiple on its last reported $111M revenue.

Last Cheetah valuation

$180M

Series B · Apr 2020

Last Cheetah funding round

$60M

Series C · Jan 2022

Cheetah revenue

$111M

Series B · Apr 2020

Key investors in Cheetah

  • Hanaco Venture Capital
  • ICONIQ Capital
  • Floodgate
  • Eclipse Ventures
  • Y Combinator
  • AltaIR Capital

Cheetah Overview

About Cheetah

Cheetah is a Bay Area-based grocery delivery service utilizing refrigerated trucks as mobile fulfillment centers for contactless pickup of food and supplies at wholesale prices. Customers order via the mobile app and collect items directly in their car trunks at designated San Francisco, Oakland, and San Jose locations without exiting the vehicle. The model emphasizes safety amid crowds by avoiding store entry during peak hours.


Founded

2014

HQ

United StatesSan Francisco, CA

Status

Privately held

Customer focus

B2C

Revenue model

Product sales

Revenue

$111M (Apr 2020)

Valuation

$180M (Apr 2020)

Cheetah Valuation

Cheetah is currently valued at $180M, based on its Series B in April 2020.

The $36M round was led by Eclipse Ventures, with participation from ICONIQ Capital, Hanaco Venture Capital and Floodgate.

Cheetah valuation by funding round

Cheetah valuation by funding round
DateStageValuationRevenue Multiple
Apr 2020Series B$180M1.6x

Cheetah Revenue

Cheetah's latest recorded revenue is $111M, as of its Series B in April 2020. At a $180M valuation, that implies a 1.6x revenue multiple.

Cheetah revenue by funding round

Cheetah revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Apr 2020$111M$180M1.6xSeries B

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

Cheetah Funding History

Cheetah has raised a total of $128M across 4 funding rounds.

Cheetah's first fundraising round was a $2M seed round in December 2015. The most recent completed round was a $60M Series C in January 2022.

Cheetah funding rounds

Cheetah funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Jan 2022Series CManna Tree (lead); Sator Grove Holdings (lead); Lineage; Eclipse Ventures; Veronorte; Toy Ventures; Hanaco Venture Capital; Grupo Nutresa$60M--
Apr 2020Series BEclipse Ventures (lead); ICONIQ Capital; Hanaco Venture Capital; Floodgate$36M$180MCheetah is a San Francisco-based e-commerce platform providing contactless pickup and delivery of food and supplies, originally focused on wholesale delivery for independent restaurants but pivoted to direct-to-consumer sales amid COVID-19 restaurant closures. Founded by Na’ama Moran, Christopher Elliott, Alon Har-Tal, and Vincent Matranga, the company operates a fleet of temperature-controlled vehicles serving small businesses and now individuals from offices in San Francisco and Tel Aviv. The company had grown to serve thousands of restaurants since delivering first orders in 2015. On April 28, 2020, Cheetah closed a $36 million Series B funding round led by Eclipse Ventures, with participation from ICONIQ Capital, Hanaco Ventures, and Floodgate Fund, bringing total funding to $66 million. The capital supports expansion of essential services to consumers during the pandemic and beyond, aiming to help communities access needed supplies safely and affordably. Competitors include Choco, which raised $30.2 million at a $250 million valuation around the same period to support restaurants. Cheetah's pivot and funding occurred amid fundraising challenges due to COVID-19 uncertainties, yet secured backing to sustain operations through the crisis.
Oct 2018Series AFloodgate (lead); Hanaco Venture Capital (lead); ICONIQ Capital; AltaIR Capital$30M-Cheetah is a San Francisco-based startup originally focused on a restaurant wholesale app that pivoted to direct-to-consumer food and supplies delivery amid COVID-19 to support independent restaurants and communities. Founders include CEO Na’ama Moran, Christopher Elliott, Alon Har-Tal, and Vincent Matranga. The 2020 funding aimed to expand essential services safely and cost-effectively.
Dec 2015SeedMarker (lead); Y Combinator$2M--

Who has invested in Cheetah?

13 investors have backed Cheetah across its funding rounds, including Hanaco Venture Capital, ICONIQ Capital, Floodgate, Eclipse Ventures, Y Combinator and AltaIR Capital.

Lead investors include Manna Tree, Sator Grove Holdings, Eclipse Ventures, Floodgate, Hanaco Venture Capital and 1 other investor.


Cheetah Investors

Investors in Cheetah by funding rounds participated
InvestorHQRoundsRoleFirst check
Hanaco Venture CapitalIsraelTel Aviv3LeadOct 2018
Eclipse VenturesUnited StatesSan Francisco, CA2LeadApr 2020
ICONIQ CapitalUnited StatesSan Francisco, CA2ParticipantOct 2018
FloodgateUnited StatesSan Francisco, CA2LeadOct 2018
LineageUnited StatesDetroit, MI1ParticipantJan 2022
Y CombinatorUnited StatesSan Francisco, CA1ParticipantDec 2015
MarkerUnited StatesNew York City, NY1LeadDec 2015
VeronorteColombiaMedellín1ParticipantJan 2022
Sator Grove HoldingsUnited StatesBradenton, FL1LeadJan 2022
Toy VenturesUnited StatesSan Francisco, CA1ParticipantJan 2022
AltaIR CapitalUnited StatesSan Francisco, CA1ParticipantOct 2018

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Acquisitions by Cheetah

Cheetah has acquired 3 companies to date.

Last acquisition by Cheetah was on July 20th 2022. Cheetah acquired Esteson for undisclosed valuation.


Latest Acquisitions by Cheetah

Esteson
Palo Alto Foods
Joseph Martin Distributing
Description
Esteson is a Greek importer and distributor of extra virgin olive oil and wines from producers in Crete, Peloponnese, and Aegean islands. Supplying retailers and HoReCa channels across Europe from its Athens base, it specializes in PDO Koroneiki olive oils and Assyrtiko varietal wines.
Palo Alto Foods is a family-owned wholesale distributor founded in 1988 that delivers over 4,000 SKUs of locally sourced natural and specialty foods to restaurants, cafes, and retailers across the San Francisco Bay Area. The product range encompasses beverages, dairy items, grocery staples, proteins, grab-and-go meals, yogurt supplies, and compostable packaging. Operating from Hayward, California, the company emphasizes organic, gourmet, and unique items from regional producers to independent businesses in Northern California.
Joseph Martin Distributing is a food importer and wholesaler specializing in olive oils and Greek wines. The company sources products from Mediterranean producers and distributes to U.S. retailers and restaurants via jmdfood.com.
HQ CountryUnited StatesUnited StatesUnited States
HQ City
San Jose, CA
San Jose, CA
San Jose, CA
Deal Date20 Jul 202220 Jul 202220 Jul 2022
Valuationundisclosedundisclosedundisclosed
EV/Revenue
EV/EBITDA

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Cheetah Competitors

Cheetah competitors include listed companies like Elanders and CTI Logistics, and private ones like Airlift Technologies, Barogo, Darkstore and Prozo.

Public and private companies comparable to Cheetah
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Airlift TechnologiesPakistanLahorePrivate$90M-$275M3.1x
BarogoSouth KoreaSeoulPrivate--$294M-
ElandersSwedenSwedenPublicly listed$1.2B$183M$179M0.8x
DarkstoreUnited StatesSan Francisco, CAPrivate--$181M-
ProzoIndiaGurgaonPrivate$21M-$177M8.4x
CTI LogisticsAustraliaAustraliaPublicly listed$231M$42M$166M1.0x

Cheetah Public Comps

Cheetah is still privately-owned, but its public comps include Elanders, CTI Logistics, Luka Rijeka, Lindbergh, Mandiri Herindo, PKP Cargo, Proficient Auto Logistics, Waberer's Group, Accel and Demae-Can.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Elanders$1.2B$183M0.8x0.8x5.5x4.8x
CTI Logistics$231M$42M1.1x1.0x6.2x4.7x
Luka Rijeka$30M$17M7.5x-13.5x-
Lindbergh$38M$7M3.9x3.8x21.3x20.2x
Mandiri Herindo$165M$41M0.9x-3.6x-
PKP Cargo$1B$148M0.7x0.6x4.7x5.8x
Proficient Auto Logistics$430M$3M0.4x0.4x72.3x4.4x
Waberer's Group$940M$120M0.4x-3.3x-

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Common questions about Cheetah

When was Cheetah founded?Cheetah was founded in 2014.
Where is Cheetah headquartered?Cheetah is headquartered in San Francisco, CA, United States.
Is Cheetah publicly listed?No, Cheetah is a private, VC-backed company.
What is Cheetah's valuation?Cheetah was last valued at $180M in its Series B in April 2020.
How much funding has Cheetah raised?Cheetah has raised $128M across 4 funding rounds.
What was Cheetah's last funding round?Cheetah's last funding round was a $60M Series C in January 2022, led by Manna Tree and Sator Grove Holdings.
Who are Cheetah's investors?Cheetah's investors include Hanaco Venture Capital, Eclipse Ventures, ICONIQ Capital, Floodgate, Lineage, Y Combinator, Marker, Veronorte, Sator Grove Holdings, Toy Ventures and 3 others.
What is Cheetah's revenue?Cheetah's latest recorded revenue is $111M (April 2020).
What is Cheetah's revenue multiple?Cheetah's latest valuation implies a 1.6x revenue multiple ($180M valuation on $111M of revenue).
Which companies are comparable to Cheetah?Companies comparable to Cheetah include Airlift Technologies, Barogo, Elanders, Darkstore, Prozo and CTI Logistics.
How many companies has Cheetah acquired?Cheetah has acquired 3 companies, including Esteson, Palo Alto Foods and Joseph Martin Distributing.

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