ISTANBUL--Yemeksepeti.com, the leading online food ordering service in Turkey and the Middle East, today announced a $44 million investment led by global growth investor General Atlantic (GA), which acquired a minority stake in the Company. Endeavor Catalyst, a philanthropic investment vehicle supporting high-impact entrepreneurs in global markets, also participated in the investment round. The investment will fund the company's continued growth in Turkey and accelerate its international expansion. Yemeksepeti represents GA's first investment in Turkey while General Atlantic has been an active investor in Europe for over 20 years.
Founded in 2001, Yemeksepeti.com is a portal which brings together consumers and restaurants and enables consumers to order food online, with no extra charge. The platform encompasses over 6,500 restaurants across both independents and chains including Burger King, Domino's Pizza, KFC, Little Caesars Pizza, McDonald's, Papa John's and Pizza Hut. Across Turkey and the UAE it has 1.5 million registered users who submit over 50.000 orders daily.
"We offer our restaurant partners an efficient platform to reach consumers," said Nevzat Aydın, co-founder and CEO, Yemeksepeti.com. "Consumers benefit from a large choice of restaurants, the convenience of online ordering and the customer service that ordering from Yemeksepeti.com guarantees while restaurants access a much broader audience. This new funding allows us to invest aggressively in the talent, technology and global expansion efforts for Yemeksepeti. But as importantly, the partnership with GA will provide us the strategic support to accelerate growth to become not only the leading delivery portal but also the leading ecommerce platform for food related services."
In addition to its core delivery restaurant marketplace, Yemeksepeti is developing new product offerings including a marketplace for grocery ordering, a restaurant reservation and review service and a local delicacies ordering platform. The company also welcomed Gabriel Caillaux, managing director at GA, to its board of directors. Mr. Caillaux leads GA's investment activity in the Internet & Technology and the Financial Services sectors in Europe and also serves on the boards of GA portfolio companies Axel Springer Digital Classifieds, Privalia and Groupalia.
"GA's strategy is to back and actively work with great entrepreneurs in international growth businesses and we are thrilled to be in partnership with Nevzat, his co-founders and the rest of Yemeksepeti.com's management team," said Mr. Caillaux. "We are impressed by the growth Yemeksepeti.com has achieved and see tremendous potential in continuing to build out the company's online platform to provide increased food offerings in Turkey and beyond."
GA opened its first European office in 1998 and has invested over €2.5 billion to support the growth of nearly three dozen European-based companies since then. Recent investments in Europe include Axel Springer Digital Classifieds, an online classifieds business headquartered in Germany; FNZ, a wrap platform provider to life and investment firms based in the UK; Klarna, a pan-European market-leading ecommerce payment platform based in Sweden; and Studio Moderna, a leading direct-to-consumer market services company in Central and Eastern Europe, headquartered in Slovenia. The investment is subject to regulatory approval and is expected to close in September.
"This is an enormously exciting moment for Nevzat and his team at Yemeksepeti, and we are thrilled and proud to be participating in it," said Linda Rottenberg, co-founder and CEO of Endeavor Global.
Yemeksepeti is the leading online food ordering company in Turkey founded by Nevzat Aydın- CEO, Melih Ödemiş-CIO, Gökhan Akan-CFO and Cem Nüfusi in 2001. The company operates portals that bring together consumers and restaurants and enables consumers to order food online both in Turkey and in UAE (www.foodonclick.com). Yemeksepeti currently has more than 6,500 contracted delivery restaurants across 41 cities in Turkey, and over 500 restaurants in the UAE. To learn more about Yemeksepeti, visit www.yemeksepeti.com.
About General Atlantic
General Atlantic is a leading global growth equity firm providing capital and strategic support for growth companies. GA combines a collaborative global approach, sector specific expertise, long-term investment horizon and a deep understanding of growth drivers to partner with great management and build exceptional businesses worldwide. Established in 1980, GA manages approximately €14 billion in capital (comprised of both total committed capital and portfolio investments) with over 80 investment professionals based in Greenwich, New York, Palo Alto, London, Munich, Hong Kong, Beijing, Singapore, Mumbai and São Paulo. For further information and a listing of GA's public and private portfolio companies, see www.generalatlantic.com.
Endeavor is leading the global movement to catalyze long-term economic growth by selecting, mentoring, and accelerating high-impact entrepreneurs around the world. To date, Endeavor has screened more than 30,000 entrepreneurs and selected 708 individuals leading 443 high-impact companies, who then inspire future generations to innovate and take risks. Headquartered in New York City, Endeavor currently operates in 15 countries throughout Latin America, Africa, Southeast Asia and the Middle East. As the high-impact movement expands globally, Endeavor will continue to prove that anyone with a big idea can succeed, from Silicon Valley to Latin America, the Middle East, and beyond. To learn more about Endeavor Global, see www.endeavor.org.