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Minneapolis-based Bite Squad sold in $321 million deal

Bite Squad was founded in Minneapolis in 2012.

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. 

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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. 

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