Amsterdam-based Satelleat, a startup that claims to be the first real-time food delivery service comparison platform in Europe, announced on Thursday, September 22, that it has raised €500K in a fresh round of growth funding.
The investment came from global early-stage VC firm Antler, as well as parties such as the Graduate Entrepreneur Fund.
Ronald Jan Schuurs, Partner at Antler, says, “Satelleat will improve standards and sustainability in one of the world’s fastest-growing industries. This is a world-class platform with a team truly committed to transparency and empowering consumers. There is huge potential for Satelleat across Europe, and I am confident this is just the beginning of their growth trajectory.”
Funds to grow into other European markets
Satelleat says it will use the proceeds to scale both internally and externally. The company is in negotiations with various food delivery parties and will use the funds to increase brand awareness and to scale abroad.
By September, the company says it will be operating in the five “most popular” meal delivery cities in the Netherlands. By the end of the year, it will be active in five cities outside the Netherlands.
Satelleat will also invest in its platform and data analytics. The startup aims to improve sustainability in the sector by creating a dataset that will allow customers and delivery services to make more ethical and sustainable decisions.
A food delivery comparison platform
Founded in 2020 by Amé Al-Rawi and Nathalie Cohen, Satelleat allows users to compare food delivery services to get the best ordering experience, while also assisting delivery firms in lowering their client acquisition expenses. This is the first time such levels of transparency have been available in the competitive food delivery services industry.
Founder Amé Al-Rawi says, “With Satelleat, customers can take full advantage of this competition and always choose the option that is most favourable to them. At the same time, delivery companies can reduce their customer acquisition cost in a market that is becoming increasingly competitive.”
Co-founder Nathalie Cohen adds, “This is a win-win service that simultaneously empowers the service provider and the end user.”
When placing an order for food, consumers may use Satelleat to determine which food delivery service suits best for them. Visitors can evaluate different delivery services based on pricing, time, service charges, and coupons on the site, which displays which delivery services are associated with a certain restaurant. People can save money, time, and effort by doing this, especially in places where there are several active meal delivery businesses.
Satelleat also provides food delivery firms with a quicker and more affordable method of reaching clients. At a time when share prices of some food delivery services are falling, cost-effective customer acquisition has never been more important.
Currently, the startup is operational in Amsterdam, Rotterdam and Haarlem, and will go live in Utrecht and The Hague by September.
Brief about the investors
Founded in 2017 by Magnus Grimeland and a team of experienced entrepreneurs, investors, and company builders, Antler is an early-stage VC firm with the vision to fundamentally improve the world. The firm’s aim is to create thousands of companies globally that solve ‘real’ problems.
Through its global residency programmes in leading entrepreneurial hubs such as New York, London, Stockholm, Berlin, Bangalore, Singapore, Seoul, and Sydney, Antler has supported over 3,500 founders and 500+ portfolio companies globally to date, investing from pre-Seed to Series C round. So far, Antler has invested in 30+ sectors, including AI, Robotics, drones, fintech, proptech, and healthtech. Of these companies, nearly 30 per cent have at least one female co-founder, and the founders represent more than 100 nationalities.
Graduate Entrepreneur is an initiative of a group of influential and merited alumni of Erasmus University Rotterdam, Erasmus MC, and the Delft University of Technology. The initiative was announced on April 8, 2021. The fund is led by the Fund Management Team, consisting of Auke van den Hout, Angela Pellaupessy, Ludolf Stavenga, and Nienke Roef, who work together with a student team from Delft and Rotterdam. Besides funding, the alumni offer coaching and access to an extensive network.
The Graduate Entrepreneur Fund focuses on investments in companies that develop technologies that the universities of Delft and Rotterdam are known for, including medtech, logistics, and Artificial Intelligence (AI). The Fund’s investment requirement is that at least one of the founders must have studied or worked at the Delft University of Technology, the Erasmus MC or the Erasmus University Rotterdam. The firm invests from pre-Seed to Seed & Series A rounds.