City Pantry Exit to Just Eat Benefits Newable Investors
- On July 17, 2019
- By GrowthInvest
Newable investors, including the Newable Ventures Scale Up Fund 1, have successfully realised a positive return on their investment into City Pantry following its acquisition by Just Eat, a leading global online food delivery marketplace.
London based City Pantry was founded by Stuart Sunderland in 2013 to improve the catering options available to companies in London. Its marketplace connects caterers to businesses that need quality food delivered to their offices or to cover events, meetings and regular team meals. The company currently claims to service more than 1,000 monthly corporate customers per month. The acquisition is designed to enable consumer-focused Just Eat to expand into the UK corporate catering market by leveraging City Pantry’s brand and technology.
Newable’s Scale Up Fund 1 and other Newable private investors participated in a £1.8m funding round in January 2018. Alongside this investment, Newable has provided office space facilities to the company. Since this investment was made, City Pantry has grown its customer base, turnover and team substantially. Just Eat has acquired the company for an initial cash consideration of £16m.
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