London based Just-Eat has closed a financing round of $64 million led by funds managed by European private equity firm Vitruvian Partners with Index Ventures, Greylock Partners and Redpoint Ventures also participating. The investment marks the company’s third and largest funding round in less than two years.
London based Just-Eat, the world’s largest online takeaway ordering service, today announced the closure of a financing round of $64m (EUR48m) led by funds managed by Vitruvian Partners, a European private equity firm, with Index Ventures, Greylock Partners and Redpoint Ventures also participating. This investment marks the Company’s third and largest funding round in less than two years.
The investment will be used to continue Just-Eat’s growth, entries into new countries and product innovation, further cementing its global leadership in the online takeaway category.
Commenting on the investment, Klaus Nyengaard, Chief Executive Officer of Just-Eat said: “This new investment will help our continued expansion. Takeaway e-commerce has massive growth potential, and Just-Eat is at the forefront of changing the way people order food around the world. Vitruvian Partners has a long history of investing in the brightest mid-market businesses and taking them to the next level and we’re very excited it will be joining us as our new partner. This investment is also a sign of trust in all the smart and hardworking people in our company.”
Mike Risman, Managing Partner at Vitruvian Partners, said “Just-Eat is already the world’s biggest takeaway e-commerce provider, and we are excited to become part of the team at this critical point in the development of this exceptional business. The management team have done a fantastic job in quickly establishing Just-Eat’s global leadership position, and we are confident our investment will provide a strong financial base for future growth for many years to come.”
About the Just-Eat Group
Just-Eat, launched in Denmark in 2001, is based in London and is now active in 13 countries around the globe. Just-Eat delivers over 100,000 meals a day and has received more than 30m orders since the site launched. There are currently over 25,000 takeaway restaurants signed up to Just-Eat’s site which uses proprietary technology to offer an efficient on-line ordering service. Just-Eat is currently generating over $750m in revenue per year for the restaurant industry and was listed in the TechCrunch Europe Top 100 Index 2010. Just-Eat was also recently ranked number 28 in the Sunday Times Tech Track 100. Just-Eat is one of the fastest growing e-commerce companies in Europe.
About Vitruvian Partners (“Vitruvian”)
Vitruvian is an independent private equity firm which specialises in middle-market buyouts, growth buyouts and growth capital investments in Europe. Vitruvian focuses on investing in ‘dynamic situations’ in industries characterised by growth and change such as information technology, media, telecoms, financial services, business services, healthcare and leisure. Vitruvian is currently investing its inaugural fund of EUR925 million and its previous investments include Tinopolis, Callcredit, Inspired Gaming, Openbet, Unicom, IMD, College Group, Flexpay and Healthcare at Home.
Just-Eat was advised by Torch Partners Corporate Finance Ltd and Bird and Bird.
Vitruvian Partners was advised by SJ Berwin and KPMG.