Just-Eat raises $48m in investment
Second largest funding round this year for a UK-based internet business
Just-Eat, the takeaway ordering service, has secured $48m (£30m) in a funding round with venture capitalists, Greylock Partners and Redpoint Ventures, with support from existing investor Index Ventures.
Founded in 2000 in Demark, Just-Eat provides a one -top website for ordering takeaways from local fast food outlets across 10 different countries, including the UK where the company is based.
According to Just-Eat, the investment will be used to drive its international expansion plans, and further develop its consumer web offering. The company expects to generate over $500m of revenue for local businesses in 2011.
Commenting on the investment, Klaus Nyengaard, chief executive of Just-Eat, said: “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.”
Just-Eat secured around £10m from Index Ventures in 2009, after which several of the company’s co-founders exited the business. The new funding round sees Silicon Valley investors Greylock Partners and Redpoint Ventures join the board.
Laurel Bowden, partner at Greylock Partners, commented: “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.”
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 rose by 80%. The amount of finance raised by Just-Eat is likely to be one of highest secured for a UK-based online company, after online loan group Wonga won £73m last month.