VC-backed Just-Eat bolts on Meal2Go

Ellie Pullen
06 March 2014

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London-based online takeaway ordering service Just-Eat, backed by several venture capital firms, has acquired Birmingham-based Meal2Go.

Just-Eat made the bolt-on to acquire Meal2Go's electronic point-of-sale (EPOS) technology, which is designed specifically for the restaurant industry.

The acquired technology will allow Just-Eat to provide its restaurant partners with a central order management system for online, walk-in and over-the-phone takeaway orders.

Meal2Go's co-founders, Marcus Rezaei and Ali Taranssari, will remain with the company following the acquisition.

To date, Just-Eat has secured a total of approximately $130m in venture capital funding. Most recently, the company raised $64m in a round led by Vitruvian Partners, which invested via its €925m Vitruvian Investment Partnership fund. Previous investors Greylock Partners, Index Ventures and Redpoint Ventures also participated in the round, which took place in April 2012.

Prior to that, Greylock and Redpoint co-led a $48m funding round for Just-Eat in March 2011. The two new backers were joined by previous investor Index.

Index had led the £10.5m series-A round for Just-Eat in July 2009, investing via its €350m Index Ventures V fund. The firm was joined by Venrex Investment Management in the round.

In May last year, the company hinted that it was examining the possibility of an IPO. Following the announcement of David Buttress formally becoming CEO of the group – having stood in as interim CEO following the departure of chief executive Klaus Nyengaard – Buttress was reported as saying that a flotation of Just-Eat was likely in the future.

Company
Founded in 2006 and headquartered in Birmingham, Meal2Go has developed an online food ordering EPOS service for the UK independent restaurant sector. The company claims to have 1,100 takeaway restaurants using its services in the UK, with the majority located in Birmingham.

People
Marcus Rezaei is the CEO of Meal2Go, while Graham Corfield is the UK managing director for Just-Eat and David Buttress is the group's CEO.