Tue, 09 Mar 2021 | BUSINESS NEWS
UK-based takeaway delivery app Foodhub is hoping to raise £100 million in private equity funding to drive its global expansion and grow through acquisitions. The Stoke-on-Trent company has already expanded across numerous continents through acquisitions, including the USA, Mexico, New Zealand and, most recently, Australia.
Founded in 2017, Foodhub has rapidly emerged as a genuine challenger to industry giants Just Eat and UberEats. The company works with 22,000 restaurants, more than UberEats’ 18,000, and has seen its turnover rise from £3 million to nearly £30 million since 2017.
Like many delivery companies, the company experienced huge growth last year as the COVID-19 pandemic forced restaurants to close and drove demand for food delivery up by around 66 per cent. So far, this trend has continued in 2021, with the company reporting month-on-month order growth.
The 700-strong company is now looking to scale up this expansion and continue its acquisition drive with a £100 million fundraising. Chief Financial Officer Mohamed Chaudry said: "Foodhub is a truly global company, and now we have footholds in dozens of countries we're looking to expand our offering in each territory fast.”
"The £100m of private equity funding will help to bring smaller takeaway aggregators under the Foodhub banner through acquisitions, as well as help us to scale up our operations in each location."
CEO Ardian Mula added: "The reason we've been able to go from tech start-up to a major player in the industry is because we have a completely unique offering: we're the only large takeaway app to offer a 0 per cent commission model, meaning that its cheaper and more manageable to trade through Foodhub than it is through other apps.”
"It's our mission to support independent businesses all around the world, and the more we grow, the more business owners are learning just how Foodhub can help them thrive."
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