GENSOCIAL
Takeaway delivery app Foodhub is looking to raise £100m in private equity funds to supercharge its global expansion.
Since its launch in 2017, the company has grown its turnover from £3m to £30m and is fast-approaching the size of its industry-leading competitors Just Eat and Uber Eats.
Today, the company – which was founded by Stoke-on-Trent school friends Ardian Mula and Mohammed Shakil – has 22,000 restaurants on its books and trades in countries including the USA, Mexico, Guatemala, New Zealand and Ireland.
It also recently entered the Australian market following the multi-million pound acquisition of food delivery service, Eat Appy.
Now, Foodhub – which employs 700 staff across the globe including 70 in the UK – is looking to raise £100m to support its bold plan for growth.
The company will use the money to fund further acquisitions in 2021. It also want to increase its global workforce and develop its existing operations.
Mohamed Chaudry, chief financial officer at Foodhub, said: “Foodhub is a truly global company, and now we have footholds in dozens of countries we’re looking to expand our offering in each territory fast.
“The £100m of private equity funding will help to bring smaller takeaway aggregators under the Foodhub banner through acquisitions, as well as help us to scale up our operations in each location.”
BusinessLive is your home for business news from around the country – and you can stay in touch with all the latest news through our email alerts.
You can sign up to receive daily morning news bulletins from every region we cover and to weekly email bulletins covering key economic sectors from manufacturing to technology and enterprise. And we’ll send out breaking news alerts for any stories we think you can’t miss.
Visit our email preference centre to sign up to all the latest news from BusinessLive.
The majority of Foodhub’s rapid growth has taken place over the last 12 months and can be attributed to a huge increase – around 66 per cent – in demand for takeaways and deliveries during lockdown.
And the trend looks set to continue into 2021 as the company continues to report a month-on-month increase in orders.
Foodhub CEO Ardian Mula said: “The reason we’ve been able to go from tech start-up to a major player in the industry is because we have a completely unique offering: we’re the only large takeaway app to offer a 0% commission model, meaning that its cheaper and more manageable to trade through Foodhub than it is through other apps.
“It’s our mission to support independent businesses all around the world, and the more we grow, the more business owners are learning just how Foodhub can help them thrive.”
