Hungry for success: Delivery Hero raises €80 million in 21 months
Another round of funding has pushed Delivery Hero’s (in the UK known as ‘hungryhouse’) total raised capital to €80 million ($98.4 million), making the 21-month-old online food delivery company one of the best financed European internet start-ups in the last 12 months. Co-CEO Fabian Siegel says this latest investment deal will significantly boost efforts to reach global targets. “The current round provides us sufficient capital to fuel our aggressive international growth plans.”
Already leading the online food ordering market in five countries, the latest €40 million ($49 million) financing round from Kite Ventures, Kreos Capital and other existing investors, puts the Berlin-based company in a strong position to achieve its vision of bringing better takeaway food to the people, while becoming the global category leader in online food ordering.
In the first quarter of 2012, orders increased by 84%, with an estimated annual marketplace revenue of more than €250 million ($307 million), making Delivery Hero one of the fastest growing internet marketplaces worldwide. Delivery Hero companies have successfully provided to date, more than 32 million meals from the 22,000 restaurants across its global network, which operates in Germany, UK, Sweden, Finland, Poland, Austria, Switzerland, Russia, Australia, Mexico and South Korea.
“Since our first investment in Delivery Hero we have been impressed with the performance of the Delivery Hero team. The company has been growing rapidly into various markets,” says Kite Ventures Partner Edward Shenderovich. “We are happy that we were able to significantly increase our investment into Delivery Hero and provide sufficient capital to support this growth.”
General Partner Mårten Vading says Kreos Capital, Europe’s largest and leading provider of growth debt, is pleased to add Delivery Hero to its portfolio. “We are happy that Kreos is able to provide Delivery hero with the flexible financing that management and shareholders were looking for. The partnership with Delivery Hero is just starting and we will be looking forward to support Delivery Hero’s fast paced growth.”
Delivery Hero, which now has more than 400 employees around the world – the majority working from its headquarters in Berlin – can attribute its expansion capabilities to past funding from runet, Tengelmann Ventures, Kite Ventures, Holtzbrinck Ventures, Point Nine Capital and Team Europe. “We are glad to enjoy the continuous trust of our existing investors and we are pleased to bring on board Mårten from Kreos who will be able to provide us with additional support for future growth,” says Fabian Siegel.