Ritual

Market position

By 2019 Ritual was described as one of Canada's fastest-growing technology companies, used by more than 10,000 restaurants across 50 cities and valued at more than US$300 million. Its office-worker-centred model was severely disrupted by the COVID-19 pandemic and the business contracted substantially thereafter; it competes with large delivery marketplaces such as UberEats and DoorDash.

Focus on order-ahead pickup rather than delivery, group ordering for office teams, and pricing presented as more affordable for restaurants than the commissions charged by major delivery platforms.

Technology

A mobile and web ordering platform with group "piggyback" ordering, pay-ahead and skip-the-line pickup. Ritual more recently launched an AI-powered food order fulfilment engine for online searches that covered hundreds of thousands of restaurants without requiring them to be signed on as clients.

Go-to-market

Consumer acquisition through a mobile ordering app in dense urban districts near offices, direct sales of online ordering software to local restaurants and coffee shops, and partnerships with companies and office buildings that channel tenant and employee demand to nearby merchants.

Independent restaurants and cafés, consumers ordering takeout near work or home, employers buying food-based work perks, and office building owners and operators.

Geography

Headquartered in Toronto. At its 2019 peak the service operated in 40-50 cities across North America, Europe, the United Kingdom, Asia and Australia; the company withdrew from Europe in 2020.

History

Founded in 2014 by Ray Reddy, Robert Kim and Larry Stinson, who had previously worked at BlackBerry and built PushLife (acquired by Google in 2011). Ritual raised US$120 million in its first four years from investors including Greylock Partners, Insight Ventures, Mantella Partners, Mistral Venture Partners, Golden Venture Partners and Georgian, and by late 2019 had revenues above US$50 million and a valuation over US$300 million while tracking toward profitability in 2021. The pandemic cut traffic by 70 per cent or more in March 2020; the company exited Europe, laid off 181 employees and raised US$22 million in spring 2020 led by Georgian at a lower valuation. Revenue continued to decline and headcount fell below 50. Co-founder Robert Kim left in September 2021 and later co-founded GoodGood, remaining a Ritual advisor and shareholder. In January 2025 Reddy and Stinson, with members of the research and development team, joined Shopify; Reddy said Ritual would continue under new leadership with him remaining a board member and adviser. Ritual also acquired contact tracing platform AllChecked.in.

Risks & controversies

Ritual's model depended on office workers, and the COVID-19 pandemic caused traffic to fall by 70 per cent or more in March 2020, followed by an exit from Europe, layoffs of 181 people and further reductions to fewer than 50 staff. Revenue fell from more than US$50 million in 2019 to US$3.9 million in the first half of 2024, and cash declined to US$4.6 million by mid-2024. According to a source cited by The Globe and Mail, the company's ownership structure, weighted toward investors in a loss-making position, made attracting talent or new funding difficult. The company's future ownership was unresolved as of January 2025, with a sale process under way.