VC-backed Just-Eat hints at future IPO

Ellie Pullen
31 May 2013

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Online food delivery service Just-Eat, which is backed by a number of venture capital firms, has confirmed its plans to list on the stock market in the future.

According to the Financial Times, the company has been in talks with banks but has yet to hire any advisers for the possible IPO.

Yesterday, Just-Eat formally announced David Buttress as the new CEO of the company. Buttress had been standing in as interim chief executive since former CEO Klaus Nyengaard left the company in February.

The new CEO told the FT that there is not yet a specific date planned for the flotation, but the potential IPO will be examined when the company is in the right position to push forward with it.

The online takeaway service is backed by venture capital firms Index Ventures, Greylock Partners, Redpoint Ventures and Vitruvian Partners, as well as private investment firm Venrex Investment Management. According to unquote" data, the firms have collectively invested a total of €108.23m in the business, alongside contributions from some unnamed existing shareholders.

Just-Eat's most recent funding round took place last April. The company raised a substantial sum of $64m from lead firm and new investor Vitruvian, alongside existing shareholders Greylock, Index and Redpoint. Vitruvian invested via its maiden vehicle Vitruvian Investment Partnership, which closed on €925m in 2008.

Prior to this, Greylock and Redpoint co-led a $48m series-B round in March 2011 with existing investor Index. This marked the two firms' first investment in the online takeaway giant.

Index first invested in Just-Eat via its €350m Index Ventures V fund in July 2009. The firm led the £10.5m series-A round which also saw Venrex back the company.

Months after the company's series-C round, Just-Eat acquired its Spanish rival SinDelantal.com in October 2012. The deal was funded through the company's existing balance sheet and saw SinDelantal bring a partnership of 1,300 restaurants to Just-Eat's Spanish site.

Just-Eat was established in Denmark in 2001, but is now legally headquartered in London. The company operates in 14 countries worldwide, including Belgium, Denmark, Switzerland, Norway, Spain, France, Ireland, Italy, the Netherlands and the UK.

The business currently boasts an extensive list of more than 29,000 food delivery restaurants worldwide for customers to choose from, depending on location. This is almost five times its list of 6,000 partners from just four years ago.