VC-backed Just-Eat bolts on two Italian competitors

The deal will strengthen Just-Eat’s presence in Italy, with the addition of “several hundred” new partner restaurants.

The bolt-on comes in the same week Just-Eat raised £185.1m from the issuance of new shares intended to finance the takeover of Australian company Menulog. The company had hoped to raise £445m from the offering.

Just-Eat raised £360m in its IPO in April 2014, which gave the business a market cap of £1.46bn. Index, Vitruvian, Greylock Partners and Redpoint Ventures were among the major selling shareholders in the offering.

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.

In March 2011, Greylock and Redpoint co-led a $48m series-B round in which Index also participated.

The most recent VC-backed investment in the company took place in April 2013, when Just-Eat raised a total of $64m from lead firm and new investor Vitruvian, alongside Greylock, Index and Redpoint. Vitruvian invested via its maiden vehicle, Vitruvian Investment Partnership, which closed on €925m in 2008.

Company
Online food delivery platform Clicca e Mangia was founded in 2009 and is headquartered in Milan. Deliverex is headquartered in Rome.

People
David Buttress is CEO of Just-Eat.

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• Topics
• UK / Ireland
• Consumer
• Portfolio management
• Vitruvian Partners
• Index Ventures
• United Kingdom
• Italy
• Greylock Partners