Food Delivery Tech: European Consumer - Battle for the - March 2017 - Blog | Dealroom.co
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Food Delivery Tech:
Battle for the
European Consumer
Research by
data contribution from
March 2017
About Dealroom
■ Founded in 2013 in Amsterdam, Dealroom provides a 360° view on Consolidating multiple data sources…
Europe’s high-growth industries, tracking over 500,000 companies
and 10,000 investors in Europe and beyond 12,000+ contributors Automatic data feeds
(founders, VCs, analysts) and web crawlers
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opportunities, conduct market intelligence research, and stay ahead Machine learning and
Manual curation &
of developments natural language
research by Dealroom
processing
■ Data is sourced and consolidated from multiple sources, including:
internal manual research; contributions from over 12,000 local
market experts such as journalists, VCs and founders; automatic
data feeds and crawlers; machine learning and natural language … resulting in rich data-driven intelligence
processing to organise data and spot below the radar companies
■ Dealroom membership is free
Authors of this report:
■ Yoram Wijngaarde (yoram@dealroom.co)
Founder & CEO at Dealroom
Formerly M&A at Lehman Brothers and NOAH
■ Sara de Miguel (sara@dealroom.co)
Data Analyst at Dealroom
Carlos III University, Madrid
2
About Priori Data
Priori’s crawlers collect Public Data from App Stores...
■ Priori Data is a leading mobile market intelligence company
APPS PUBLISHERS TOP CHARTS COUNTRIES LANGUAGES
■ Priori’s solutions provide customers with insights to help them
4m+ 1m+ 35k+ 57 35
understand, benchmark, and track their mobile market share so
that they can win their mobile markets
■ Priori enables app businesses, agencies, marketers, and analysts to
...which is combined with Confidential Data from partners
benchmark performance against competitors, reveal competitor
mobile strategy, discover new opportunities, and identify emerging PARTNER PARTNER MONTHLY MONTHLY
trends in the app stores APPS PUBLISHERS DOWNLOADS REVENUE
■ The Company was founded in Berlin in 2013 by alumni of Morgan 20k+ 1k+ 150m+ $50m+
Stanley, Google, and the University of Cambridge
Resulting in global, real-time Proprietary Data on apps
Contributors to this report:
■ Patrick Kane (patrick@prioridata.com) Competitive Tracking
Founder & CEO at Priori Data
Vestar Capital Partners, Morgan Stanley, INSEAD
Market Trends
■ Simon Singharaj (simon@prioridata.com)
Director of Marketing at Priori Data
Jumia, Microsoft, EDHEC API
Contents 1. Introduction 2. Food tech economics 3. Consolidation wave 4. Market size and market share 5. Investment and exits
Introduction
▪ This report combines proprietary data from Dealroom and Priori Data with annual reports, investor presentations and equity research from
About this report Just Eat, Takeaway.com and Rocket Internet. SimilarWeb data was used for online usage
▪ By combining these data-points, a market model was constructed to estimate the size and market share of key European markets
▪ Consumers are seeking convenience, resulting in a drive towards on-demand delivery and away from home-cooking
Eating habits ▪ Supermarkets are most likely to lose in this trend. Prepared grocery models (HelloFresh) are gaining scale, but economically not validated yet
▪ Majority of restaurants see trend as “a good thing for business” according to a recent UK survey by Morgan Stanley
▪ Just Eat and Takeaway.com have so far benefitted the most from this trend, through asset-light software-only operations with 50%+ margins
Consolidation
▪ Both outperformed: Just Eat’s share price more than doubled in 2 years since it’s IPO. Takeaway.com is up > 40% since their Oct ‘16 IPO
and IPOs ▪ Their model requires #1 or #2 market position to be profitable. Result: a wave of consolidation, and still more M&A anticipated (France?)
▪ Deliveroo, Uber EATS and Amazon entered the market and scaled rapidly with a model offering full-service logistics
Increased
▪ This model involves more operating risk and requires enough population density (and higher order value) to work (Take Eat Easy failed)
competition ▪ So far, these new models have not taken share from existing online marketplaces, but rather created a new premium market segment
▪ Delivery Hero (38% Rocket owned) is likely getting ready to IPO. However, it is being challenged in some key markets by Takeaway (Germany,
Poland) and Just Eat (Italy). It absorbed loss making Food Panda but still lacks a clear cash-cow market position anywhere
▪ Conceivable that Delivery Hero is instead acquired by someone like Priceline, Expedia, Recruit
Challenges ▪ Deliveroo was hit with strikes after trying to convert its drivers to a pay-per-delivery wage
▪ Uber lost some of its aura of invincibility. But now another powerhouse is also around the corner: Amazon
▪ Fully integrated models with own kitchen have struggled to make economics work (Spoonrocket closed) but others (Sprig, Maple, Forky) are
working to get the economics right
▪ Just Eat and Takeaway.com has so far enjoyed a rapid path to profitability (Takeaway.com built a €1 billion business in relatively small market)
▪ There is still big upside, as online penetration of delivery and take-out is only about 15% in many parts of Europe (50% in UK and 30% in NL)
Outlook ▪ The various models (Deliveroo vs. Just Eat) might soon converge: Just Eat is already starting to offer logistics services to restaurants to continue
expanding their footprint. Delivery Hero is heavily investing in the roll-out of Foodora, its full-service logistics brand
▪ The last mile and waste reduction are key to further unlocking the potential: high hopes for autonomous delivery (e.g. Starship Technologies)
5
Eating habits are evolving. Convenience is the driver
Prepared Restaurant Meal
Grocery Delivery Food Delivery Agritech Waste Reducing
Groceries Bookings Substitutes
Delivery & portal Own fleet
Delivery software
Online Supermarkets:
Vertically integrated
:
6
Contents 1. Introduction 2. Food tech economics 3. Consolidation wave 4. Market size and market share 5. Investment and exits
Key considerations between the various models.
Operating risk ranging from low to very high
Home cooking No cooking
Supermarkets Prepared groceries Software only Own fleet & logistics Vertically integrated
Online supermarket eCommerce Weekly boxes of around €50-100 / box 12-15% commission / restaurant does delivery 30% commission + delivery fee Own kitchen and delivery logistics
Positives: Positives: Positives: Positives: Positives:
v Huge market v Nearly 1 million active subscribers v Just Eat and Takeaway beating expectations v Ability to advertise on packaging and on v Entire GMV equals revenue
v Migration online Avg € 750 revenue per sub v Autonomous delivery potential delivery vehicles v Domino’s UK has validated this business
v High customer life-time value v Starting to focus on profitability by v New entrants (Deliveroo, Amazon, Uber are v Autonomous delivery potential model, at scale:
v Revenues growing 15% YoY reducing marketing spend targeting different premium segment, so far) v Own kitchen to optimize fleet utilisation 10% revenue growth
v EBITDA margin 7% (but: churn and LTV are undisclosed) V EBITDA margin 50-60% in strong markets v Model works best in dense + affluent areas 25% EBITDA margin
v Positioned as premium
Considerations: Considerations: Considerations: Considerations: Considerations:
x EBITDA-Capex negative x Still EBITDA negative. Cost structure: x Difficult economics in competitive and new x Foodora is highly loss making for Delivery Hero, x Operating risk: capacity utilization,
x Cooking is losing its appeal Cost of goods 43% markets as low as 100% (FoodPanda) or close to but it continues to invest heavily in roll-out minimal waste are key
x Prevailing wisdom in tech circles that Fulfilment cost 35-40% 0% (Germany) x Take Eat Easy closed operations x Spoonrocket
this is a winner-takes-all logistics play Marketing cost: 30% (discretionary) x May need to soon invest in logistics to continue x Dealing with rider strikes x Less choice for consumer (one menu)
that may well become dominated by Other opex: 3% growth) x Amazon moving in too
Amazon =
=> Negative 15% EBITDA margin
Market verdict: Market verdict: Market verdict: Market verdict: Market verdict:
- Market values Ocado at EBITDA - Push to profitability, which will curb - Strong performance of public players - Strong VC backing of Deliveroo model - Domino’s is valued 17-18x EBITDA
multiples similar to Amazon growth - No clear sign of Delivery Hero IPO yet - VCs hesitant following SpoonRocket
(17-18x 2017E EBITDA)
8
Unit economics vary widely per model and
depending on market position and growth stage
Prepared groceries Software only (Just Eat, Takeaway, Own fleet (Deliveroo, Fully integrated (Forky,
(HelloFresh) Delivery Hero) Uber EATS) Sprig, Maple)
Developed Lower Affluent &
Growth Developing Market Developing Developed
Per order: Steady state market, but density densely
phase markets leadership market leadership
competitive areas populated
Order value € 75.0 € 75.0 € 12.0 € 20.0 € 20.0 € 20.0 € 30.0 € 10.0 € 20.0
(1)
x Commission 100% 100% 12% 12% 15% 30% 35% 100% 100%
= Net revenue per order € 75.0 € 75.0 € 1.4 € 2.4 € 3.0 € 6.0 € 10.5 € 10.0 € 20.0
-/- COGS 45% 40% – – – – – 40% 30%
-/- Labour / packaging 35% 30% – – – – – 35% 30%
= Product margin per order € 15.0 € 22.5 € 1.4 € 2.4 € 3.0 € 6.0 € 10.5 € 2.5 € 8.0
-/- Delivery (€ 1.5) (€ 1.5) - - - (€ 5.0) (€ 4.0) (€ 5.0) (€ 3.0)
= Gross margin per order € 13.5 € 21.0 € 1.4 € 2.4 € 3.0 € 1.0 € 6.5 (€ 2.5) € 5.0
-/- Marketing (€ 25.0) (€ 5.0) (€ 1.8) (€ 1.5) (€ 0.5) (€ 2.5) (€ 1.0) (€ 2.5) (€ 1.0)
-/- Other unit costs (2) (€ 1.5) (€ 1.5) (€ 1.0) (€ 1.0) (€ 1.0) (€ 1.5) (€ 1.5) (€ 1.5) (€ 1.5)
= EBITDA per unit (€ 13.0) € 14.5 (€ 1.3) (€ 0.1) € 1.5 (€ 3.0) € 4.0 (€ 6.5) € 2.5
50%
38%
19% 13%
% EBITDA margins:
(4%)
(17%)
(50%)
Source: Dealroom estimates, annual reports, interviews. Delivery costs assume 2.5-3 rides per hour and €10/hour wage. (65%)
1. Blended rate net of payment fees. (91%)
2. Estimate by Morgan Stanley, Dealroom (based on public peers).
9
Profitability for meal kit delivery businesses:
potential path to profitability for HelloFresh
Today actual Steady state (1) Today actual
120% Negative General &
Gross profit
12% EBITDA
Loss-making Admin costs: Positive 9% Negative 10% & net loss
margin (5%) 5% seem low EBITDA EBITDA margin
margin Profitable (10%) General &
(7%)
100% Administrative
Run-rate Negative Growth phase: 9% Run-rate 28%
28% costs much higher.
revenues circa 7% gross higher than revenues circa 17% Potentially
5% 5%
€1 billion margin Marketing Blue Apron $1 billion includes quasi-
Positive 7% HelloFresh
80% 15% Positive direct costs.
1,250 active gross claims it can go 943 active 14%
Marketing as low as 5% 17% gross
customers Question is margin customers Marketing
Higher than margin
how much
Avg. revenue Blue Apron. Avg. revenue
60% 37% revenue
per customer HelloFresh 30% Blue Apron per customer =
growth would 29%
= circa €175 in Fulfilment sees upside level circa $250 in
be impacted by Fulfilment
Q2 2017 (labor, delivery) reduced Q2 2017 Fulfilment
40% marketing
Both revenues spend Revenues still
and customers grew (only)
growing at Cost of goods 18% YoY in Q2
healthy 53% sold: in line
20% 41% 41% 39%
YoY with Blue Number of
Cost of Apron Cost of customers Cost of
goods goods declined from goods
1,036 in Q1
–
Income Profit margin Expenses Income Profit margin Expenses Income Profit margin Expenses
As per 2017 H1 . Illustrative Dealroom estimates . As per 2017 Q2
Source: Dealroom estimates, company reports.
10Unit economics in food delivery: path to profitability
for Deliveroo (and Delivery Hero’s Foodora)
Order-only platform model (2) Integrated delivery model (3)
Amounts per
order
€ 12.0
€ 10.5 38% profit
€ 10.0
€ 9.0
50% loss
Once market leadership
91% loss margin € 1.5
€ 8.0 is achieved, marketing
before general Other
costs drop significantly,
expenses occurs € 6.5
and margins well above
in some new € 6.0
50% are the norm € 2.5
€ 6.0 markets
Marketing Avg. order €30 € 1.5
x 35% commission Other
€ 1.0
€ 4.0 Marketing
50% profit
91% loss € 3.0
€ 2.8 Avg. order €20 Delivery costs Delivery costs
x 30% commission (€10/hour, (€10/hour,
€ 5.0
€ 1.0 Other unit 2 rides per 2.5 rides per
€ 2.0 € 1.4 Other € 1.5 € 4.0 hour)
costs (1) Avg. order €20 hour)
Avg. order €12 x 15% commission € 1.0
€ 1.8
x 12% commission Marketing € 0.5
-
Income Expenses Income Expenses Income Expenses Income Expenses
New markets . Market leadership . New markets . Market leadership
Source: Dealroom estimates, company reports.
1. Other unit costs. Based on Just Eat reporting, via Equity Research.
2. Based on public reporting by Delivery Hero, Just Eat and Takeaway.com
3. Based on public reporting by Delivery Hero (Foodora), equity research and Dealroom estimates.
11New entrants have so far expanded market adding
new (premium) segments, rather than challenging
Copenhagen
HQ London San Francisco Moscow Zurich Helsinki Athens
Model Software + feel & logistics Software + feel & logistics Software + portal Software + portal Software + logistics Full service Recycle
Funding (€M) € 430M N/A € 10.9M N/A € 12.4M € 800K N/A
Launch year 2012 2014 2011 2008 2014 2014 2015
Monthly web users (1) 7.5M (+90%) 3M (+106%) 2.4M (+85%) 0.6 M 55 K 0.11M 63K
Cumulative app installs (1) 2.2M (+1,000% growth) 1.3M 5.7 M (+60% growth) N/A 0.27 M N/A 1M
2,134 employees
Other KPIs Annual Revenues: £ 130M N/A 52 employees N/A 85 employees 22 employees 62 employees
Valuation £ 761M
Europe: Amsterdam,
Europe: Belgium, France, Bordeaux, Brussels,
Europe: UK, Denmark,
Germany, Italy, Ireland, London, Lyon, Madrid,
Countries Russia Switzerland Estonia, Sweden, Finland Greece Norway, Germany, France,
Netherlands, UK, Spain (3) Manchester, Milan,
Switzerland, Austria (5)
Moscow, Paris, Stockholm,
Vienna, Warsaw (4)
1 M app installs from zero
installs 12 months ago.
1.3M app installs from zero Partnership with Just Eat
installs 12 months ago. (2011)
#2 in UK, Netherlands, #2 in Greece after Delivery Expansion to 7 countries in
Traction #1 in Russia #1 in Finland
France after Just Eat Hero 2 years.
Biggest growth in France #1 in Switzerland
and UK
#2 in Denmark after Just
Eat
Source: Dealroom estimates, press releases, SimilarWeb, Priori Data.
1. In Europe. 2. ROW: Australia, Hong Kong, Singapore, UAE. 3. ROW: United states, Canada, Colombia (Bogotá), Brazil (São Paulo), Australia, Thailand, UAE, Hong Kong, Singapore, Taiwan, Japan (Tokyo), South Africa. 4. RWO: USA
12Value is created in leadership markets, where the
earnings are generated
Scale
Countries 15 11 40 1 6
Restaurants 62K 29K 150K 35K 1K
+ Gross merchandise value (GMV) € 3.4B € 1.2B € 3.8B € 3.6B € 0.5B
% average take-rate 16% 12% 13% 16% 100%
Net revenues (2017E) € 545M € 147M € 495M € 579M € 490M
Market position
Market leadership in UK, Denmark, Italy Netherlands Sw eden, Finland USA UK
Market leader EBITDA margin 50% (UK) 60% profitable
+ EBITDA margin in new markets
Group EBITDA margin (2017E)Contents 1. Introduction 2. Food tech economics 3. Consolidation wave 4. Market size and market share 5. Investment and exits
Market leadership is key for profitability. Result:
consolidation and disposal of loss-making markets
HQ London Berlin Berlin Amsterdam
Selected
brands
W. Europe: Sindelantal.com, Fillmybelly, Meal2go, W. Europe: HungryHouse UK, EatNow UK
Clickeat.it, Urbanbite, AlloResto, Orogo, Clicca e E. Europe: Delivery Club, Pauza.hr, Donesi.com,
E. Europe: Foodarena.ch, Efood.gr, Damejidlo,
Mangia, DeliveRex, Hellofood IT, Takeaway UK, Netpincer.hu.
Jidloted, OnlinePizza Norden (OnlinePizza, Mat24, W. Europe: Thuisbezorgd.nl, Pizza.fr, Pizza.be, Rsto-in
Hungryhouse UK, La Nevera Roja, PizzaBo IT, PizzaOnline, PizzaPortal, Mjam, WillEssen), LatAm: PedidosYa, SeMeAntoja, Superantojo, Entrega BE, TanteBep.nl, Pizza.pt, Just Eat BE & NL, food-
Eatcity.ie. Lieferheld.de, Pizza.de, 9coockies, Foodora. Delivery, Peixe Urbano, DeliYami, Janamesa. express.
Acquisitions LatAm: ifood (JV), Sindelantal.mx, Hellofood MX & Foodpanda.
Middle East: 24h.ae, Hungerstation, EatOye. E. Europe: Lieferando, Lieferservice.ch, Pyszne.pl,
BR, Foodpanda MX & BR LatAm: Hellofood LatAm, Click delivery, Subdelivery, Lieferservice.de, Resto-in DE
India: Tastykhana, Just Eat India.
Canada & USA: Grubcanada, Yummyweb, Orderit.ca, PedidosYa.
Asia: Vietnammm.
Skipthedishes. Asia: Singapore-Dine, Food Runner, Koziness,
Middle East: Talabat.com, Yameksepeti.
Delivery.com HK
Australia & New Zeland: MenuLog Asia: Baedaltong.
E. Europe: Delivery Club (to Mail.ru)
E. Europe: Hungryhouse UK (to Just Eat)
W. Europe: Just Eat BE & NL (to Takeaway)
India: Foodpanda Indonesia closes down
LatAm: Tastykhana, PedidosYa MX, SeMeAntoja,
E. Europe: Online Pizza (Sweden, Minority stake)
Disposals Superantojo (to Foodpanda) LatAm: Hello Food MX & BR (to Just Eat) W.Europe: Takeaway.com UK (to Just Eat)
LatAm: Hellofood Brazil (to ifood) Hellofood Argentina, Chile, Colombia, Ecuador and
China: Waimai Chaoren (Chinnese subsidiary)
Peru (to Delivery Hero)
India: Just Eat India (to Foodpanda)
Asia: Foodpanda Vietnam (to Vietnammm)
15Consolidation wave started in 2014 and still ongoing.
France and Italy could be next
HelloFresh
€0.6B
Quandoo
€210M
Just Eat
La Nevera Bookatable
Roja €80M €108M
Delivery Hero
Yemeksepeti Takeaway Hungryhouse
iens.nl €10M Kochzauber Foodinho
€0.5B €1.0B IPO €240M
Takeaway.com
SinDelantal e-food.gr La Nevera Just Eat BE/NL Delivery Club
Spotistic
€4M €12M Roja €23M €91M
DameJidlo Volo.de Uncover ES Food Foodist €4M Mat.se €3M
Just Eat €1.8B Clicca e Takeaway.co L'Epicier
Jidloted Vinguiden Gourmondo
IPO Mangia m UK Toqué
LaFourchette Linas Matk. Wine & Restau-
restOpolis Deliverex Table-booker Quick Resto
€127M €30M Cocktail Gd. rantes.com
Lieferando Resto-In BE &
MyTable Volo Foodora Resto-in Pizzabo WirWinzer
€50M DE
Pizza.de
Delivery Club Rocket €6.7B Cookening BestTables Todovino.com KochAbo Food Express RetNemt Vinocasting
€300M
Yemeksepeti 5CUPS and Clickdelivery. Restaurant- Restaurantes MySwiss- Gold&Green
Hungryhouse Foodist Lieferservice ClickDelivery Pizzabo Delinero Todovino iqPOSitive Foodpanda
€40M some sugar gr €3M Kritik.de .com Chocolate Foods
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2012 2013 2014 2015 2016
1. Assumption of majority stake by Rocket Internet. 16Europe post consolidation: France and Italy remain
as crowded markets
Uber EATS
Amsterdam, Bordeaux,
Dominantly #1 in UK, Italy, Spain, Portugal, Denmark Brussels, London, Lyon,
Madrid, Manchester, Milan,
Also #1 France Moscow, Paris, Stockholm,
Vienna, Warsaw
#1 in Germany (not dominant), Sweden, Finland
#2 in Poland
Present across Eastern Europe since FoodPanda
acquisition in December 2016
Present across Eastern Europe (and Asia and LatAm)
Focus on emerging markets
Dominantly #1 in Benelux and Poland
Strong #2 in Germany
Leader in premium segment
Strong #2 in France
17Contents 1. Introduction 2. Food tech economics 3. Consolidation wave 4. Market size and market share 5. Investment and exits
UK is by far largest market. Massive growth potential
in Europe via online penetration and order frequency
People ordering food Market size (GMV) (1) Online penetration Online market (GMV) (1)
Germany 56M UK € 7.2B UK 49.1% UK € 3.5B
UK 46M Germany € 4.5B Netherlands 32.7% Germany € 0.8B
Russia 43M France € 4.3B Denmark 27.4% France € 0.6B UK is by far the
France Poland
largest market,
33M Spain € 3.0B 23.4% Netherlands € 0.5B thanks to high order
Italy 30M Italy € 2.5B Belgium 19.1% frequency and online
Spain € 0.4B
penetration.
Spain 23M Netherlands € 1.5B Austria 19.0% Italy € 0.2B
Online
Poland 19M Poland € 1.2B Offline Finland 17.3% Russia € 0.2B
Netherlands 10M Russia € 1.1B Switzerland 17.0% Belgium € 0.2B
Belgium 6M Austria € 0.8B Sweden 16.2% Austria € 0.2B
Vast majority of
Total market offline (80%+) (2) is
Austria 6M Belgium € 0.8B Germany 15.2% Denmark € 0.2B
(offline and take-out collection
Sweden 5M
online) is Sweden € 0.8B Russia 13.5% Sweden € 0.1B
growing about
Switzerland 4M 5% per year. Switzerland € 0.6B France 13.4% Poland € 0.1B
Denmark 3M Denmark € 0.5B Spain 11.9% Switzerland € 0.1B
Finland 3M Norway € 0.4B Norway 10.8% Finland € 0.1B
Norway 3M Finland € 0.4B Italy 5.3% Norway € 0.0B
Estimates based
1. GMV = Gross Market Value.
2. Dealroom estimate based on Morgan Stanley UK survey report.
19Just Eat leads UK, Spain, Italy, Denmark. Takeaway
leads Benelux and Poland
Just Eat Delivery Hero Takeaway.com Deliveroo Uber EATS Other
UK Domino’s, Pizza Hut, others € 3,538M
Germany € 784M
France € 578M
Gross market value (GMV)
Germany € 784M
Netherlands € 491M
France € 578M
Spain € 357M Netherlands € 491M
Italy € 182M Spain € 357M
Italy € 182M Takeaway.com has
Russia € 174M built a €1 billion+
Russia Delivery Club € 174M business out of #1
Netherlands
Belgium € 153M Sweden € 160M position.
Austria € 152M Belgium € 153M
Austria € 152M
Denmark € 150M
Denmark € 150M
Sweden € 130M Poland € 120M
Poland € 120M Switzerland Eat.ch € 102M
Finland WOLT € 70M
Switzerland € 102M
Norway € 43M
Finland € 100M € 0M € 100M € 200M € 300M € 400M € 500M € 600M € 700M € 800M
Norway € 43M
20Takeaway and Delivery going head to head in
Germany. Just Eat maintaining growth in UK
United Kingdom Germany
2016 web visitors (SimilarWeb) 2016 app downloads (source: Priori Data) 2016 web visitors (SimilarWeb) 2016 app downloads (source: Priori Data)
6M
18 M
Just Eat
5M
15 M Delivery Hero
Delivery Hero
12 M 4M
Takeaway
Just Eat Takeaway
9M 3M
6M Deliveroo 2M
Deliveroo (1.1 M)
3M Uber Eats (0.4 M) 1M Deliveroo (0.1 M)
Deliveroo (0.3 M)
Uber Eats (0.02 M)
0M 0M
Aug Sept Oct Nov Dec Jan Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Aug Sept Oct Nov Dec Jan Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Netherlands Switzerland
2016 web visitors (SimilarWeb) 2016 app downloads (source: Priori Data) 2016 web visitors (SimilarWeb) 2016 app downloads (source: Priori Data)
6M 1.2 M
5M 1.0 M
4M 0.8 M
Takeaway
3M 0.6 M Eat.ch
Takeaway
2M
0.4 M
1M Takeaway (0.06 M)
Deliveroo (0.2 M) Deliveroo (0.08 M) 0.2 M Takeaway (0.05 M)
Delivery Hero (0.06 M)
Delivery Hero (0.05 M)
0M
Aug Sept Oct Nov Dec Jan Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 0.0 M
Aug Sept Oct Nov Dec Jan Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
21France is crowded market, consolidation likely.
In Italy, Just Eat is doing very well
France Spain
2016 web visitors (SimilarWeb) 2016 app downloads (source: Priori Data) 2016 web visitors (SimilarWeb) 2016 app downloads (source: Priori Data)
3.0 M
3.0 M
2.5 M
Just Eat 2.5 M
Just Eat
2.0 M
Deliveroo 2.0 M
1.5 M
1.5 M Telepizza
1.0 M Just Eat (0.9 M) Telepizza (0.9 M)
Takeaway (0.6 M) Deliveroo (0.5 M) 1.0 M
Delivery Hero (0.4 M)
0.5 M Uber Eats (0.4 M) Deliveroo (0.5 M)
Delivery Hero (0.2 M) 0.5 M Just Eat (1 M)
0.0 M Deliveroo (0.2 M)
Takeaway (0.1 M)
0.0 M
Aug Sept Oct Nov Dec Jan Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Aug Sept Oct Nov Dec Jan Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Italy Greece
2016 web visitors (SimilarWeb) 2016 app downloads (source: Priori Data) 2016 web visitors (SimilarWeb) 2016 app downloads (source: Priori Data)
3.0 M
Delivery Hero
2.5 M
2.0 M
1.5 M
1.0 M
0.5 M
Forky (0.1 M)
0.0 M
Aug Sept Oct Nov Dec Jan Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
22Takeaway is outperforming in Poland. Mobile
penetration in Russia is growing fast
Russia Poland
2016 web visitors (SimilarWeb) 2016 app downloads (source: Priori Data) 2016 web visitors (SimilarWeb) 2016 app downloads (source: Priori Data)
6M Delivery Club 6M
5M 5M
4M 4M Takeaway
3M 3M
Delivery Club
2M 2M
Delivery- Hero (1 M) Takeaway (0.70 M)
1M 1M
0M 0M Delivery- Hero (0.32)
Aug Sept Oct Nov Dec Jan Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Aug Sept Oct Nov Dec Jan Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Czech Republic Turkey
2016 web visitors (SimilarWeb) 2016 app downloads (source: Priori Data) 2016 web visitors (SimilarWeb) 2016 app downloads (source: Priori Data)
6M 18 M
5M 17 M
4M 16 M
Delivery- Hero
3M 15 M
2M Delivery Hero 14 M
1M 13 M
0M 12 M
Aug Sept Oct Nov Dec Jan Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Aug Sept Oct Nov Dec Jan Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
23Nordics so far less crowded. Growth in relatively
calm markets. Wolt is a strong local player
Norway Sweden
2016 web visitors (SimilarWeb) 2016 app downloads (source: Priori Data) 2016web visitors (SimilarWeb) 2016 app downloads (source: Priori Data)
2.4 M
0.18 M
2.0 M
0.15 M
1.6 M
0.12 M Just Eat
Just Eat 1.2 M
0.09 M Delivery Hero
Delivery Hero
0.8 M
0.06 M Delivery Hero Delivery Hero
0.4 M
0.03 M
Uber Eats
0.0 M
0.00 M
Aug Sept Oct Nov Dec Jan Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Aug Sept Oct Nov Dec Jan Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Finland Denmark
2016 web visitors (SimilarWeb) 2016 app downloads (source: Priori Data) 2016 web visitors (SimilarWeb) 2016 app downloads (source: Priori Data)
1.2 M
1.0 M
0.8 M
Just Eat
0.6 M
Just Eat
0.4 M
Hungry.DK
0.2 M
0.0 M
Aug Sept Oct Nov Dec Jan Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
24Contents 1. Introduction 2. Food tech economics 3. Consolidation wave 4. Market size and market share 5. Investment and exits
Mega-rounds have slowed down due to focus on
profitability. But number of rounds is still increasing
Annual food tech funding Quarterly food tech funding
€ 834M 49
€ 1,391M 163 € 814M
Amount raised (€M)
€ 1,222M
Delivery Hero Top 3 rounds (€M)
€ 496M
40
Rocket Internet Delivery Hero 38
Rocket Internet Total number of rounds €405M €496M
€ 1,048M 36
€ 405M
35
109
104 30
Jumia
HelloFresh € 300M 28
€ 130M 27
26
25
Food Panda 24 € 396M
Delivery Hero € 104M Deliveroo
€ 318M
€ 250M € 351M
66 20 20
Delivery Hero 18
16 €318M
Deliveroo € 256M Jumia Deliveroo
Takeaway HelloFresh 15 €91M € 244M
€ 94M € 85M HelloFresh €300M €250M
41 €130M
11 Delivery
10 Takeaway Hero € 174M € 171M
€ 242M 9 €94M €100M € 146M
€ 135M € 123M Foodpanda HelloFresh € 130M HelloFresh
Delivery Hero € 46M 6 Delivery €104M €77M
Just Eat € 42M € 144M Just Eat € 80M Foodpanda
Deliveroo
Jumia
€85M
Delivery Hero Hero Foodpanda €91M
Delivery Hero € 25M Delivery Hero €46M €77M €91M €75M Jumia
€ 46M € 50M €80M Deliveroo
€ 27M € 36MDelivery Hero€ 24M HelloFresh
€55M
€64M
€50M
Delivery Hero € 12M €27M € 20M
€46M
€ 3M €46M
2012 2013 2014 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2012 2013 2014 2015 2016
26A large number of VCs are still heavily invested in
the Food Tech space
Investors Selected top funded tech companies
Delivery Hero €2-4 billion valuation € 1,236M
Fabrice Grinda, Oleg Tscheltzoff
Deliveroo € 431M Valued over $1 billion
Neil Rimer
HelloFresh € 353M Majority owned by Rocket.
Focus now on profitability
Thomas Griesel
Foodpanda € 293M Folded into Delivery Hero at €500M
valuation
Kiren Tanna, Benjamin Bauer, Ralf Wenzel, Masoud Kamali, Ralf Wenzel, Masoud Kamali
Velocity € 35M
Shukri Shammas, Tom Glocer, DIG Investments, Alex Madonald
Vivino € 33M
Henrik Rosendahl, Janus Friis, Suranga Chandratillake
Gousto € 31M
Mark Evans
27Selected top VC-backed exits in FoodTech so far
Company Transaction Investors
£ 1.5B
Just Eat
IPO
€ 1.B
Takeaway
IPO
$ 589M
Yemeksepeti
acquisition by Delivery Hero
$ 140M
LaFourchette
acquisition by TripAdvisor
€ 210M
Quandoo
acquisition by Recruit Holdings
€ 80M
La nevera roja
acquisition by just eat
€ 108M
Bookatable
acquisition by Michelin
$ 100M
Delivery Club
acquisition by mail.ru groupMore online resources
Food Companies Food Exits
Food Funding Rounds Food Map
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