Bite Squad, the Minneapolis-based food delivery service, has been sold to a similar company that specializes in online food ordering and delivery service in a whopping $321 million deal.
Bite Squad has been bought by Waitr Holdings, according to a press announcement, with the price including $202.1 million in cash and 10.6 million shares of Waitr stock.
According to the Star Tribune, it's one of the biggest sales of a Minnesota tech startup in years.
Bite Squad was co-founded in 2012 by Kian Salehi, the company's CEO, and now brings food to nearly 900,000 users from more than 11,000 restaurants.
The company employs around 6,300 delivery drivers.
The addition of Bite Squad's reach will give Waitr a presence in 86 markets in more than 500 cities and 22 states, according to the release.
"Bite Squad will remain a standalone business, maintaining its brand, operations, technology and people for the foreseeable future," Waitr told BMTN in an email.
Bite Squad requires minimum food orders of $15 from participating restaurants and charges a $3.99 delivery fee.