Klaus Nyengaard informs us he has stepped down as the CEO of the London-headquartered but Denmark-founded Just Eat, the world's largest takeaway service. Just Eat has grown rapidly during his tenure, expanding from 35 employees mostly in Denmark, to over 1,000 employees with operations in 13 countries, including "more difficult" markets, such as Brazil. In 2012 the company was profitable and is now generating over €750m in food orders for its restaurant partners
New startup solutions are becoming a big part of offline retail, providing real world impact in how we shop and make money offline. Take for example this recent news that we missed while it was fresh, but still is noteworthy: Estonian provider of business software, Erply, and Paypal have partnered to bring a seamless mobile payment solution to stores under Erply's LikePOS. The solution allows customers to simply "check in" to a store when entering, then pay with Paypal at the checkout counter. It's an innovation that's quick and easy for consumers, and it provides retailers more insight into their customers and their shopping experiences.
Just-Eat, the Denmark originated company opertaing online takeaway sites has announced a $64 million (€48 million) C-round investment led by Vitruvian Partners. Former Just-Eat investors Index Partners, Greylock Partners and Redpoint Ventures also took part in the round. We've interviewed Just-Eat CEO Klaus Nyengaard on Unfair Advantage as well as covered the company before on ArcticStartup as well. We talked to him again on the new investment the company raised.
Nyengaard raised three different reasons, when we asked why the company went for such a large round. Firstly, Just-Eat sees the online takeaway services continuing to develop in the coming years. Nyengaard stated that in such a high growth industry and environment, "it is always a good idea to have a strong balance sheet".
Just-Eat announced they have acquired FillMyBelly, UK's third largest player in the online food delivery market. The Danish company has been growing like crazy in recent months, making this acquisition their ninth since the end of 2011. FillMyBelly has 1,400 restaurant partners across the UK. According to Just-Eat, this makes them the largest player in the online delivery market, likely making them the go-to service for food delivery.
Ordering a pizza online and having it delivered is simple to consumers, but peeling back the covers you'll see there has been movements in the world that delivers pizza to your door. Delivery Hero, a Berlin-based startup recently raised €25 million bringing their total capital raised to €40 million. With that cash Delivery Hero has financed the acquisition on OnlinePizza Norden Group, a food ordering business that operates in Sweden, Finland, Austria, and Poland under the names OnlinePizza, Mat24, PizzaOnline, PizzaPortal, Mjam, and WillEssen.
The fourth episode of Unfair Advantage takes us to Denmark as we chat with Klaus Nyengaard, the Group CEO of Just Eat. Just Eat is originally from Denmark, where it was set up more than 10 years ago. In the last five or six years, the company has seen a huge growth in internationalisation and now operates in 15 countries. Their currently run forecasts that they will deliver somewhere around $750 million worth of food this year. Klaus Nyengaard gave us a very detailed view on their internationalisation strategy both from setting up shop yourself and acquiring existing players in the market to grow.
Ben Holmes has been a partner at Index Ventures since 2002, and has been heavily involved with Index's investments in Europe. In the Nordic region he currently sits on the boards of Gray Area Labs, Just-Eat, Rebtel, and Stardoll, as well as Mind Candy, Netlog, Notonthehighstreet, Shapeways in the UK.
He spoke with us to promote their newly announced €500 million growth fund, which will invest in emerging leaders with international ambitions. Below are the notes from the interview:
Just-Eat, a Danish originated, world's largest online takeaway ordering service has expanded to South America through a partnership with RestauranteWeb. The partnership in practice means that Restaurante Web will become part of the Just-Eat Group. The partnership will give Just-Eat a pool of over 1000 restaurants in Brazil initially.
RestauranteWeb was founded in 2004 by Luiz Jares and Marco Corradini. Jares commented “We’ve always known the huge potential online takeaway has in Brazil, and as the leading provider of food ordering services we are in a prime position to capitalise. Being part of the Just-Eat Group means that we will be able to offer both existing and new restaurant partners an enhanced service that will allow them to serve more customers than ever before.”
I had the privilege of interviewing Klaus Nyengaard, the group CEO of Just-Eat, a Danish originated company that currently employs over 400 people with revenues in the tens of millions of euros. First I was supposed to interview Nyengaard for an article on ArcticStartup, but the discussion flowed quite nicely so I decided to make it into a podcast. We touched on quite a few items of Just-Eat's business, including how they see expansion as well as plans for an IPO. We covered Just-Eat just last week and I have to say - very, very few people have reacted which such pace as Nyengaard did (not to mention he's the group CEO) to get back to me on the article.
Just Eat is a Copenhagen based online service founded in 2000 that has created an online portal for food delivery. The company recently received another feather to its hat as GigaOM wrote about the company belonging to one of the 5 super star companies out from Europe (for record, other companies in that category were Rovio, Spotify, Vente Privée and Wonga, Northern Europe ftw!). Just Eat is now live in 14 countries and has 15 000 restaurants in its system. It's the world leader in online takeaway ordering.
Quora has become a great source of information for entrepreneurs, and pretty much anyone interested in a specific topic. In short, Quora is a well executed question and answer service that is currently in beta. WIth this, they've been able to choose who they want to let in while this in turn has helped them keep the quality of the answers very high. Another interesting aspect of the service that startups should take notice of, is the people they've managed to get on board. You can find lots of famous startup CEOs there answering questions and helping people understand more about their companies. Enough about Quora though. There was an interesting question in Quora regarding which Nordic companies make more than $10 million annually and Saul Klein had answered it. He answered a similar question about companies based in London that interested a lot of people, so it's definitely interesting to look into this as well.