LONDON--(BUSINESS WIRE)--London based Just-Eat, the world’s largest takeaway ordering service, today 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.
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 its 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.
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About the Just-Eat Group
Just-Eat, founded in Denmark in
2000, is based in London and active in ten countries around the globe.
Just-Eat enables small, independent restaurants to access potential
customers online. Site visitors simply visit the site and enter their
postcode to see a large range of local restaurants and menus. Just-Eat
processes over 100,000 meal orders a day. There are currently
over 15,000 takeaway restaurants directly linked to the Just Eat via its
proprietary network which offers a seamless and real time ordering
service.
Torch Partners advised Just-Eat on the series B transaction.
About Greylock Partners
Greylock partners with entrepreneurs
to help them build market-leading businesses. Over the past 45 years the
firm has worked with hundreds of companies, 150 of which have gone on to
IPOs and 100 of which have gone on to profitable M&A events. Such
companies include Ascend Communications, CheckFree, Constant Contact,
Decru, Data Domain, DoubleClick, Internet Security Systems, Legato,
Media Metrix, Openwave, Open Market, OutlookSoft, Red Hat, RightNow
Technologies, Success Factors, Tellabs, Trilogy and Wily Technology.
Current Greylock portfolio companies include Apptio, Cloudera, Data
Robotics, Facebook, Groupon, Imperva, LinkedIn, Notonthehighstreet, One
Kings Lane, Palo Alto Networks, Pandora, Picarro, Redfin, Workday, Wonga
and ZipCar.
For more information about Greylock Partners, visit our Web site (www.greylock.com) or blog (www.greylockvc.com) or follow us on Facebook (http://www.facebook.com/greylock) or Twitter (@greylockvc).
About Redpoint Ventures
Redpoint Ventures has helped
entrepreneurs build innovative businesses that defy convention, shape
the future, and change the world. From early investments in industry
pioneers like MySpace, Netflix, TiVo, and Juniper to companies such
as RightMedia, Zimbra, LifeSize, Danger, Fortinet, Heroku and HomeAway –
we stand behind our entrepreneurs helping them go all the way to the
top. With our deep experience and focus on quality, we offer
entrepreneurs a culture and approach that values mutual respect,
meaningful relationships, and an intense commitment to succeed. Redpoint
(http://www.redpoint.com)
was founded in 1999 and currently has over $2 billion under management.
Its partners have been involved in 39 IPOs and 65 upside acquisitions.
The firm is headquartered in Menlo Park, CA with offices in Los Angeles
and Shanghai, China.
About Index Ventures
Index Ventures is a leading venture
capital firm active in technology, biotech and clean tech venture
investing since 1996. The firm is dedicated to helping entrepreneurial
teams in the Information Technology and Life Science sectors build their
companies into market defining global leaders and stage focus is from
seed right through to growth stage companies. The firm has offices in
Geneva, London and Jersey and will be opening an office in the Bay Area
in the Fall of 2011. Index’s current portfolio includes Adconion,
Criteo, Boku, Etsy, Flipboard, MOO, Moshi Monsters, Ozon, Rightscale,
Stardoll, Trialpay and viagogo. Exits of note include Lovefilm (acquired
by Amazon), Betfair (LSE: BET.L), Playfish (acquired by Electronic
Arts), MySQL (acquired by Sun), Last.fm (CBS) and Skype. For more
information, please visit www.indexventures.com.