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These days, there is innovation in every industry starting from fintech to food tech. When it comes to the food tech industry, it is one of the untapped markets that is facing a lot of disruption. According to a Dealroom report analysing the growth of food tech companies in Europe in 2018, there are nine unicorns in the segment.
One such food tech company is Berlin-based Delivery Hero. It is one of the world’s leading food delivery marketplaces. Recently, the company announced its earnings and disclosed that it has witnessed 269 million orders in H1 2019, which is higher than 167 million orders in the same period in 2018. Also, the year-on-year revenue is claimed to have increased by 98%.
In a recent development, Delivery Hero has acquired Cyprus-based startup Foody. As a result of the acquisition, Foody will become a part of the family of brands that exist in 39 countries across the world. However, the exact amount of acquisition has not been disclosed by the food delivery giant.
Founded in 2015 by Argyris Argyrou in Cyprus, Foody operates with the goal to become the main way to order food in the country. The company has grown to a team of 40 employees and has teamed up with over 600 coffee shops and restaurants getting over 130,000 ordersorder per month.
“Everybody in the Foody team is very excited about joining Delivery Hero,” said Argyris Argyrou, CEO and founder of Foody. “Becoming part of one of the strongest teams in the world is fascinating and a great opportunity for our team to learn from their knowledge and experience and create an even better Foody. I would like to thank each and every one of our customers and restaurants for their overwhelming support in the last four years, and promise that we will continue working to make the next four years even better.”
What’s next for Foody?
Post-acquisition, Foody will be able to access Delivery Hero’s expertise and deploy its state-of-the-art processes and technology in other countries. The founders of Foody will remain in their leadership roles and continue to operate the business.
The access and knowledge-sharing of Foody will be combined with the investment from Delivery Hero and help the team continue its business and grow. Also, the company will be able to build a bigger and stronger network and serve consumers and partners better.