Just-Eat Raises £10.5 Million

Just-Eat, a UK-based operator of a website for ordering meals online, has raised £10.5 million in first-round funding. Index Ventures led the round, and was joined by Vertex Investment Management.

PRESS RELEASE

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. .

About Just-Eat
Just-Eat was founded in Denmark in 2001 and is now the leading site for ordering takeaway online in Europe. The service is currently available in Denmark, the UK, Ireland, Holland, Belgium and Sweden with additional markets launching this year. The site has 6,000 restaurants in its online database, with close to 3,000 in the UK alone, and more than one million meals are ordered per month throughout Europe.

About Index Ventures
Index Ventures is a leading European venture capital firm active in technology venture investing since 1996. The firm is dedicated to helping top entrepreneurial teams in the Information Technology and Life Science sectors build their companies into market defining global leaders. The firm has offices in Geneva, London and Jersey and focuses on investments from seed through growth stage companies. Recent exits include Skype (the pioneering communications company acquired by eBay); MySQL (the world’s most popular open source database recently acquired by Sun), Last.fm (the world’s largest social music platform, recently acquired by CBS) and BioXell (BIOX, floated on the SWX in 2007). For more information, please visit www.indexventures.com.

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