Armenian food delivery service Menu.am attracts investments from founder of Russia’s Delivery Club
20.10.2017,
12:55
SOLventures Fund, established by Levon Oganesyan, founder of Delivery Club food delivery service in Russia, along with his partners has made investments in Menu Group, a similar service in Armenia, Georgia and Belarus, RBC reports referring to the information received from Menu Group.
YEREVAN, October 20. /ARKA/. SOLventures Fund, established by Levon Oganesyan, founder of Delivery Club food delivery service in Russia, along with his partners has made investments in Menu Group, a similar service in Armenia, Georgia and Belarus, RBC reports referring to the information received from Menu Group.
According to the report, SOLventures and partners have invested in Menu Group UK Ltd. This company was established in 2015 by Stepan Aslanyan, Mushegh Hakobyan, Sevada Bagdyan and Vahan Kerobyan.
This is a flagship company at the restaurant food delivery market in Armenia, Georgia and Belarus.
Its net profit in 2017 is expected to be $3 million.
Earlier, the company attracted a $2-million converted loan from private investors and Granatus Ventures, an Armenian venture fund, according to Crunchbase.
“Inspired by the Russian project Delivery Club, we established the first ready-to-eat food delivery in Armenia – Menu.am. in 2012.” Vahan Kerobyan, one of the company founders, is quoted in Menu Group’s press release. “Today we are building a global company. This investment will allow us to speed up the growth, reach a new level of management and knowledge and become more science-intensive and quick.”
According to the press release, besides the Russian fund, The United State’s Perea Capital Partners Fund, Hayastan 1 Pooled Investment Fund and a number of other organizations are taking part in the present investment round.
The company intends to provide these financial resources for further regional development.
In particular, as Levon Oganesyan said, Menu Group considers room for entering Middle East and Central Asia’s markets. He found it difficult to point out particular figures of that region’s food delivery market.
”Food delivery market in these regions is at its initial stage of development, but their aggregate potential is far higher than that in Russia,” he said.
Levon Oganesyan was one of the founders of Russia’s Delivery Club, and after several rounds of investment attraction the company, which has earned 296 million roubles in the first half of that year, was sold in late 2016 to Mail.Ru Group for $100 million.
Later, Mail.Ru Group bought 90% of another food delivery service ZakaZaka for $18 million becoming its sole owner. Now the internet holding is discussing room for acquiring Foodfox service.
Asked if Oganesyan and other former owners of Delivery Club has restrictions for investments in similar services after the deal with Mail.Ru Group, the representative of Mail.Ru Group said that the company does not reveal details of its investment agreements.
This is not SOLventures’s first deal. Before that the fund has invested in Russia’s AutoSpot online service engaged in car sales and Puzzle English (English learning).
Levon Oganesyan said that the fund is interested in online education projects, e-commerce, various aggregators and marketplaces, financial technologies and “of course food tech”.
Vadim Fedotov, head of Gazprom – Media Technologies, SOLventures founders are trying to repeat its successful case with Mail.Ru Group.
“The market understands that food area is extremely sustainable in terms of clients’ spending in any economic situation,” he said. “Menu Group has already bought Food Panda in Georgia, and is likely to head for this way with a new investor to go to other countries, where it will consolidate the market, which will keep growing no slower than in Russia.” --0---
According to the report, SOLventures and partners have invested in Menu Group UK Ltd. This company was established in 2015 by Stepan Aslanyan, Mushegh Hakobyan, Sevada Bagdyan and Vahan Kerobyan.
This is a flagship company at the restaurant food delivery market in Armenia, Georgia and Belarus.
Its net profit in 2017 is expected to be $3 million.
Earlier, the company attracted a $2-million converted loan from private investors and Granatus Ventures, an Armenian venture fund, according to Crunchbase.
“Inspired by the Russian project Delivery Club, we established the first ready-to-eat food delivery in Armenia – Menu.am. in 2012.” Vahan Kerobyan, one of the company founders, is quoted in Menu Group’s press release. “Today we are building a global company. This investment will allow us to speed up the growth, reach a new level of management and knowledge and become more science-intensive and quick.”
According to the press release, besides the Russian fund, The United State’s Perea Capital Partners Fund, Hayastan 1 Pooled Investment Fund and a number of other organizations are taking part in the present investment round.
The company intends to provide these financial resources for further regional development.
In particular, as Levon Oganesyan said, Menu Group considers room for entering Middle East and Central Asia’s markets. He found it difficult to point out particular figures of that region’s food delivery market.
”Food delivery market in these regions is at its initial stage of development, but their aggregate potential is far higher than that in Russia,” he said.
Levon Oganesyan was one of the founders of Russia’s Delivery Club, and after several rounds of investment attraction the company, which has earned 296 million roubles in the first half of that year, was sold in late 2016 to Mail.Ru Group for $100 million.
Later, Mail.Ru Group bought 90% of another food delivery service ZakaZaka for $18 million becoming its sole owner. Now the internet holding is discussing room for acquiring Foodfox service.
Asked if Oganesyan and other former owners of Delivery Club has restrictions for investments in similar services after the deal with Mail.Ru Group, the representative of Mail.Ru Group said that the company does not reveal details of its investment agreements.
This is not SOLventures’s first deal. Before that the fund has invested in Russia’s AutoSpot online service engaged in car sales and Puzzle English (English learning).
Levon Oganesyan said that the fund is interested in online education projects, e-commerce, various aggregators and marketplaces, financial technologies and “of course food tech”.
Vadim Fedotov, head of Gazprom – Media Technologies, SOLventures founders are trying to repeat its successful case with Mail.Ru Group.
“The market understands that food area is extremely sustainable in terms of clients’ spending in any economic situation,” he said. “Menu Group has already bought Food Panda in Georgia, and is likely to head for this way with a new investor to go to other countries, where it will consolidate the market, which will keep growing no slower than in Russia.” --0---
