13 Sep Cyprus on the startups map – “Foody” acquired by giant “Delivery Hero”
Berlin- based food delivery giant, Delivery Hero, acquired the Cyprus-based startup, Foody, in early September 2019 (https://tech.eu/brief/online-food-ordering-giant-delivery-hero-swallows-cyprus-startup-foody/).
By joining Delivery Hero, Foody becomes part of a global family of brands with presence in 39 countries around the world, including e-food (https://www.e-food.gr), clickdelivery (https://www.clickdelivery.gr) and deliveras (https://www.deliveras.gr) in Greece.
The founders of Foody will continue in their leadership roles and, alongside the team of more than 40 people, will continue to operate the business on a day-to-day basis.
Foody will benefit from Delivery Hero’s experience, technology and business processes to scale up (https://www.eu-startups.com/2019/09/delivery-hero-acquires-cyprus-based-food-ordering-startup-foody/).
The access and knowledge-sharing of Foody will be combined with the investment from Delivery Hero and help the team continue its business and grow. It will also enable Foody to build a bigger and stronger network and serve consumers and partners better ((https://siliconcanals.com/news/food-delivery-giant-delivery-hero-acquires-cyprus-based-foody/).
Argyris Argyrou, the founder and CEO of Foody, said, “Everybody in the Foody team is very excited about joining Delivery Hero. Becoming part of one of the strongest teams in the world is fascinating and a great opportunity for our team to learn from their knowledge and experience and create an even better Foody”.
He further proclaimed that, “I would like to thank each and every one of our Customers and Restaurants for their overwhelming support in the last four years, and promise that we will continue working to make the next four years even better” (http://www.philenews.com/oikonomia/epicheiriseis/article/773753/sta-cheria-tis-delivery-hero-to-kypriako-foody).
Foody is a Nicosia-based startup, that was founded in 2015, that offers an online food ordering service in Cyprus. It operates with the goal to become the main way to order food in Cyprus. The company has grown to a team of 40 employees and has teamed up with over 750 restaurants, receiving over 130,000 orders, per month (http://www.philenews.com/oikonomia/epicheiriseis/article/773753/sta-cheria-tis-delivery-hero-to-kypriako-foody).
Delivery Hero is Berlin-based, that was founded in 2011, and is one of the world’s leading food delivery marketplaces. It currently operates in 31 out of 39 countries in Europe, Middle East and North Africa, Latin America and Asia, and it employs over 20,000 employees.
It is important to note that Foody is one of many EU start-ups that have been acquired, just this month, exemplifying their strong presence and value in today’s economy.
These include the Paris-based startup, Streamroot Inc., who were acquired, on 10th September 2019, by CenturyLink, a US-based Fortune 500 company that specialises in communications, network services, security and cloud solutions. The startup will help CenturyLink to improve video and static content delivery within bandwidth constrained areas and strengthen its position as a leader in content delivery network (CDN) and edge computing services (https://www.eu-startups.com/2019/09/us-based-centurylink-acquires-paris-based-video-streaming-startup-streamroot-inc/).
Also, Copenhagen-based, Too Good To Go, which is Europe’s leading app for fighting food waste, acquired, on the 4th September 2019, weSAVEeat app, that has been working to prevent food waste in Barcelona and Madrid by partnering with hundreds of establishments (https://www.eu-startups.com/2019/09/too-good-to-go-doubles-down-on-eliminating-food-waste-with-the-acquisition-of-spanish-app-wesaveeat/).
It is worth pointing out that Danamica, a Copenhagen-based startup, that specializes in dynamic pricing through machine learning and business intelligence technologies, was also acquired, on the 2ndSeptember 2019, by OYO Hotels & Homes. The latter Indian company is the world’s third-largest chain of hotels, homes, managed living and workspaces, recently having reached a valuation of USD 10 billion, with a portfolio comprising more than 23,000 hotels and 125,000 vacation homes (https://www.eu-startups.com/2019/09/copenhagen-based-data-science-startup-danamica-acquired-by-indian-proptech-oyo/).
As depicted from above, start-ups, such as Foody, play a pivotal role, since they also contribute to economic dynamism by spurring innovation and injecting competition.