Just-Eat, which provides an online takeaway ordering service, has attracted £40 million of new investment in its latest fundraising round.
The London-based business closed previous rounds of £30 million in April 2011 and £10.5 million in July 2009, when Index Ventures led the first institutional fundraising in Just-Eat.
Launched in 2011, the service enables people to order takeaway food from independent restaurants and chains via the internet. It currently operates in 13 countries, including six Northern European countries and the UK, and delivers 100,000 meals a day.
Vitruvian Partners, Index Ventures, Greylock Partners and Redpoint Ventures are contributing to the latest round. The proceeds will be used to fuel growth in new and existing territories, as well as product innovation.
Klaus Nyengaard, CEO of Just-Eat says that takeaway e-commerce has ‘massive growth potential’.
He adds, ‘Vitruvian Partners has a long history of investing in the brightest mid-market businesses and taking them to the next level. 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, comments, ‘The management 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.’
Writing on his personal blog, Index Ventures partner Ben Holmes states there still lie ahead many challenges and opportunities for Just-Eat, such as more customers, more countries and probably more acquisitions.
He adds, ‘Also there is need to leverage new technology platforms as they emerge to help restaurant partners do business and to provide an ever more seamless consumer experience.
‘There could not be a better team to pull this off, and as an investor I am delighted to have Vitruvian Partners joining the next stage of the journey.’