Just-Eat, the world’s largest takeaway ordering service, has announced the closure of a financing round of $48m co-led by two leading venture capitalists, Greylock Partners and Redpoint Ventures with substantial support from existing investor Index Ventures.
The investment will be used to accelerate Just-Eat’s international roll-out and further develop the consumer web offering and range of services provided to partner restaurants. Just-Eat is currently represented in ten countries, across three continents and works with over 15,000 restaurants. In aggregate these partners access over 5 million hungry visitors each month through the Just-Eat network. The company will generate over $500m of revenue for local businesses in 2011.
“This level of investment shows a significant belief in the Just-Eat brand, approach and long-term vision of the business.”, said Managing Director of Just-Eat Ireland. “Just-Eat is already the dominant market leader in Ireland for online food ordering, and our ambition is to make sure we continue that trend in every single new country we launch. Not only is it about being the biggest, but it’s also imperative that consumers and restaurants see us as the best. Much of this round of funding will also be invested into enhancing the product across numerous platforms. These are very exciting times.”
Commenting on the investment, Klaus Nyengaard, Chief Executive Officer of Just-Eat said: “Just-Eat is takeaway the smart way. Our restaurant partners get to tap-in to the exploding e-commerce market and consumers can conveniently access a wide choice of restaurants both online and via their mobiles. The investment allows us to keep pace with hungry customer demand across planet Earth and beyond. We welcome the support of our new investors in building the global champion in the category.”
Laurel Bowden, Partner at Greylock Partners who will join the board, commented: “Just-Eat is already the world’s largest player in their market and we are excited to back the experienced management team as they look to further accelerate its tremendous growth globally. As consumers increasingly search online for takeaways, restaurants all over the world are starting to take advantage of the unique opportunity that the internet provides. Thanks to its technology edge and restaurant-friendly approach, Just-Eat is well positioned to bring its services to many more delivery restaurants in the future.”
Tom Dyal, Partner at Redpoint Ventures, added: “We are very excited to team up with Just-Eat, the global leader in the emerging online takeaway ordering space, continuing Redpoint’s focus on strong consumer Internet brands. The management team at Just-Eat has shown an impressive ability to replicate its early success as it penetrates and establishes leadership positions in new global markets.”
Just-Eat is currently one of the fastest growing e-commerce companies in Europe. In the last year the number of restaurants taking orders online via Just-Eat has risen by 80% and order volumes have more than doubled.