It is with great joy, that I can announce Index Ventures is investing in Just-Eat together with Venrex Capital and some of the existing shareholders. As we all know, Index is a world beater in the internet venture industry, with great investments in companies such as Skype, Lastfm, Glasses Direct, Betfair, MySQL, LoveFilm, Netvibes and many-many more.
The official press release can be found here. The total funding round is £10.5 Mio. of which the vast majority goes straight into our balance sheet.
It has been a very interesting period the last half year. Tough at times, but also a lot of fun and very encouraging. But, most importantly it has been a happy ending. We got a lot of interest from the European investor community, and there were also several VC’s that we definitely would have been happy to work with, but in the end it came down to Index in the form of Ben Holmes and his mates. We trust they are the right fit for us. When discussing a deal like ours over the course of four months, you do get a good sense for what kind of people you are dealing with, and the whole management team here at Just Eat is very happy with the partner we have choosen. And let’s not forget Venrex either, they will also be a good help going forward.
And for those who want to know how, how to get a VC onboard, here is a quick 1-2-3 step guide.
1. First, you present your company – make a nice ppt. that shows momentum.
2. Get the yes!
3. Go through all the paperwork.
4. Wait nervously until everything is in agreement (Mike, our CFO is smiling a bit worryingly here, while the Torch guys are standing in the background, as always).
6. And then let the lawyer (Chris from Bird & Bird) open the champagne!
The champagne has been consumed, the easy part is over, now it is all about execution. Having the strongest balance sheet in the world within our category is great, but it also fuels expectations, so there is still a lot of pressure on us to deliver on the promise: be the best and the biggest within online takeaway ordering. But, we have momentum.