Menu Group attracted USD 3m for entering new markets

Menu Group UK Ltd announced a USD 3 million investment round today.

It will be allocated for the further regional expansion.

The main investors are Perea Capital Partners, Hayastan 1, and SOLventures.

Menu Group will use the investment for developing IT infrastructure, improving customer care, strengthening marketing in all markets, and entering new markets, which will ensure high return on capital.

“In 2012, inspired by the Russian project Delivery Club, we founded the first food delivery service in Armenia, Menu.am. Now we’re building up a global company. This investment round will enable us to speed up the growth, get on a new level of management and knowledge, become more science-driven and fast, while taking care of all our clients, partner restaurants, devoted couriers and other staffers, who all aim for the best service,” said founder of Menu Group Vahan Kerobyan.

Promoter at Pooled Investment Fund Hayastan 1 Isaac Schwartz noted that the company gets on a potentially new level of development thanks to the investment.

“We’re impressed with Menu Group’s results in the Armenia, Georgia and Belarus markets. This investment will allow the company to not only strengthen their position in the existing markets, but also expand,” Levon Oganesyan (SOLventures) commented on the deal.  

Earlier, the company got a convertible loan of USD 2 million from private investors and Granatus Ventures.

In August 2017, the company consolidated leading positions in Georgia by purchasing the main competitor, Foodpanda Georgia, which belongs to one of the global leaders, Delivery Hero.

“Today Menu Group UK Ltd is the absolute leader in restaurant food delivery in Armenia, Georgia and Belarus. The company achieved the annual output of orders of more than 1 million. Currently, Menu Group is the second by the total number of orders in CIS. The company’s net revenue will surpass USD 3 million by the preliminary estimation for 2017,” the company stated.