VC-backed Just-Eat buys Seaya's SinDelantal

Kenny Wastell
18 February 2015

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VC-backed Just-Eat, the listed online food delivery service, has acquired SinDelantal Mexico from Spanish firm Seaya Ventures.

The deal marks Seaya Ventures' first exit since its foundation two years ago. The VC invested $2.5m in Sindelantal Mexico in 2013.

SinDelantal Mexico's co-founders also founded the business's Madrid-based namesake SinDelantal, which was acquired by Just-Eat for £2.5m in September 2012.

Just-Eat reached a market cap of £1.46bn when it floated in April last year, with Index Ventures, Vitruvian Partners, Greylock Partners and Redpoint Ventures among the major selling shareholders.

In December, Vitruvian, Index and SM Trust sold a combined 8% stake in the business for £139m. Index now retains 17.3% of Just-Eat's shares while Vitruvian has a 9% stake in the company.

Index first invested in Just-Eat via its €350m Index Ventures V fund in July 2009, leading a £10.5m series-A round. Greylock and Redpoint then co-led the $48m series-B in March 2011 before Vitruvian lead a $64m round in April 2012.

One month after its IPO, the business left the London Stock Exchange's high-growth segment – which it was the sole member of – to join the premium listing segment.