Mobile Ordering Startup Ritual Raises $53 Million

Ritual announced the completion of $53 million in Series B financing. Insight Venture Partners led the round, with participation from Greylock Partners, Mantella Venture Partners, Golden Venture Partners and Mistral Equity Partners.

Ritual is a mobile app that allows users to order coffee and lunch for pickup so they don’t have to wait in line. Ritual also provides office managers, culture builders and business owners with flexible corporate programs to keep their teams well-fed and spending time on things that matter. According to the company, an average employee spends 45 minutes a week waiting for coffee and lunch. For a team of 50, that’s equivalent to 244 workdays wasted every year.

Using Ritual’s corporate program, employees receive a notification that Ritual credits have been deposited in their accounts to spend on coffee, lunch or dinner – provided by their companies or team managers. If a user has $10 in lunch credits but want to splurge on a $13 lunch, he or she can pay the $3 difference using a personal credit card.

In its announcement, the company said Ritual plans to use the funding to expand into additional U.S. cities and to double its staff during the next year. The company is also currently hiring in Boston, Seattle, Washington and San Francisco.