LevelUp rewards investors with $390m exit

Jul 26, 2018 • Thierry Heles

Deutsche Telekom and Alphabet are among the investors set to exit payment and loyalty platform LevelUp in an acquisition by Grubhub.

Online food ordering service Grubhub agreed yesterday to acquire LevelUp, a US-based mobile payment app developer backed by corporates Deutsche Telekom, Alphabet, JPMorgan Chase and CentroCredit Bank, for $390m in cash.

Founded in 2008 as location-based mobile gaming platform Scvngr (pronounced “scavenger”), LevelUp pivoted to its current business model in 2011 and rebranded to its present name in 2012.

The company has built a mobile app that enables restaurant costumers to book tables, pre-order food and pay the bill. The…

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