Takeaway delivery app Foodhub has launched its biggest funding drive in a bid to raise £100m as the coronavirus pandemic boosted customer demand over the past year.
The company plans to use the money to support its “bold” expansion plan, including further acquisitions overseas, expanding the global workforce and developing its offering.
Like rivals, Just Eat Takeaway.com, Deliveroo, which is currently preparing for a £7bn London IPO, and Uber Eats, 2020 fuelled record growth for delivery apps as locked-down Briton’s ordered more food to be eaten at home.
Foodhub increased its numbers of takeaway partners by 160% to 22,000 in the past year, the company said.
Launched in 2017 by Ardian Mula and Mohammed Shakil, revenues at the group have reached £30m in the past three years.
CFO Mohamed Chaudry said Foodhub was now “a truly global company”, with footholds in dozens of countries.
“We’re looking to expand our offering in each territory fast,” he added. “The £100m of PE 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.”
The Stoke-headquartered group Foodhub started srading in new territories across several continents in the past year, including the US, Mexico, Guatemala, Ireland and New Zealand, as it continued to add new international markets to its growing portfolio through acquisitions.
Earlier this month, Foodhub purchased one of Australia’s largest online food ordering systems, Eat Appy, as part of a multimillion-pound deal.
CEO Ardian Mula said: “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.”