We are super excited to announce the first significant exit of a LAUNCHub Ventures portfolio company. BGmenu just signed an agreement to be acquired by Takeaway.com, the leading online food delivery marketplace in Continental Europe.
BGmenu is the market leader in food delivery in Bulgaria in terms of orders, and the biggest online food deliver marketplace in Romania (under the brand of Oliviera). Takeaway.com already owns the largest food delivery brands in Germany, the Netherlands, Poland, Belgium and Austria. The Company has the strategy of becoming the number one in each of the countries in which it operates. Through this acquisition, Takeaway.com strengthens its position in Eastern Europe, in line with the strategy to further expand its leadership position on the continent.
LAUNCHub Ventures have invested in BGMenu 4 years ago and ever since we’ve been working alongside with this great founding team who proved to be very ambitions and with strong desire to develop this company and to focus on the constant improvement of the service. This is the reason their business grew more than 10 times since our investment, they’ve successfully entered and took leading position on the Romanian market as well.
Vladimir Davchev, CEO and founder of BGmenu, said: “We are excited to become part of the fastest-growing online food delivery marketplace in Europe. We believe there is a significant market opportunity in Bulgaria and partnering with Takeaway.com gives us the best opportunity to build on our success to date in this country. The experience and additional capital from Takeaway.com will enable us to greatly improve our service offering to both consumers and restaurants.”
Jitse Groen, CEO and founder of Takeaway.com, commented: “With the acquisition of BGmenu we are adding a fast-growing online food delivery market with a sizeable population to our footprint. It is our intent to execute the same strategy in this country that brought hypergrowth to our Polish business Pyszne.pl.”
Todor Breshkov, Managing partner at LAUNCHub Ventures, said: "Congratulations to Zori and Vladi – the BGMenu founders for this deal. We are very excited to attract Takeaway.com as a strategic buyer for BGMenu. This is the largest food delivery company in Europe and one of the fastest growing. Takeaway.com is a public company that continues to be led by its original founders. These facts make us even happier for the first significant exit of a LAUNCHub Ventures portfolio company.”
The enterprise value for the transaction is €10.5 million. The purchase price is based on the enterprise value and will be payable in cash. To further accelerate growth, Takeaway.com plans to invest as well considerably in marketing in Bulgaria and Romania.