Just-Eat Group

Just-Eat Group

March 16, 2011 06:00 ET

Just-Eat Secures $48m Funding Round from Greylock, Redpoint and Index Ventures

Global Leader Well Positioned to Consolidate Take-Away Food Ordering Market

LONDON, UNITED KINGDOM--(Marketwire - March 16, 2011) - 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 their 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.

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 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

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