Just-Eat Completes £10.5 Million Series A Funding
July 14 2009
Just-Eat, the leading European site for ordering meals online, today announced the closing of its first institutional financing. Index Ventures led the £10.5 million round, with Venrex Investment Management and existing shareholders also participating. The capital will be used to consolidate the company's leadership position in the UK and to expand into additional territories across Europe.
"Our mission is to give people around the world an easy, fast, and dependable way to order takeaway food online from their favorite neighborhood restaurants," said Klaus Nyengaard, CEO of Just-Eat. "We provide a convenient way to find takeaway restaurants, read reviews, look at menus, order meals online instead of over the phone, and have them conveniently delivered to your home. This new round of funding will help us further expand our restaurant network and continue to provide the best possible choice and service to our customers."
With Just-Eat, people can order their takeaway of choice online from a wide range of cuisines and easily pay by credit or debit card. The company's patented technology offers a seamless ordering experience by connecting directly to the kitchens of every restaurant in the network. Consumers instantly receive a confirmation that their order has been received and the estimated delivery time. There are already over 6,000 restaurants in the Just-Eat network, with close to 3,000 in the UK alone. More than one million meals are ordered per month throughout Europe.
"The home delivery market is growing at 9% per year and it has proved to be a profitable business even in recessionary periods," said Ben Holmes, partner at Index Ventures. "Just-Eat clearly has the best technology and processes in the industry as well as a strong team and proven traction among consumers and restaurants.
The majority of the Just-Eat network restaurants are local, independently run businesses. As competition in the foodservice industry increases, Just-Eat empowers these restaurants by giving them a way to reach and market to a much wider audience. The service is currently available in the UK, Ireland, Denmark, Holland, Belgium and Sweden and will soon also be available in Norway. Opportunities in other markets are being actively explored.
Just-Eat is currently hiring in its London office for product management, marketing and developer roles. For more information please visit: http://www.just-eat.co.uk/jobs.Back to top