SOLventures, a Russian venture fund focusing on IT and e-commerce projects, has just taken part in a $3 million round of funding for Armenian food delivery startup Menu Group. The round also involved such US-based funds as Perea Capital and Hayastan 1.
Menu Group, which touts itself as “the leader of the restaurant food delivery markets in Armenia, Georgia, and Belarus,” will use the funding to accelerate its regional expansion. The group made an acquisition in Georgia this past summer and launched activities in Belarus last year.
“Building a global company”
“The funds raised will allow us to accelerate our growth, elevate our management and expertise, and adopt an agile, data-driven approach to maximize efficiency, while putting the needs of our customers, partner restaurants, dedicated couriers, and all other company staff at the heart of what we do,” said Vahan Kerobyan, the founder of Menu Group.
“In 2012, inspired by Russia’s Delivery Club, we founded Menu.am – the first food delivery service in Armenia. Today we are building a global company,” he added.
The company expects to generate over $3 million in revenue by the end of the year.
In 2015, Menu Group attracted $720,000 in a round led by Granatus Ventures, the leading Armenian venture fund, with participation from several undisclosed investors.
The total amount of funding the company has managed to secure so far is some $3.7 million.
SOLventures is co-managed by Levon Oganesyan, a founder of Delivery Club, Russia’s leading online food delivery service which was acquired by Mail.ru Group for $100 million in 2016.
Source: Menu Group, CrunchBase
