Menu Group, a food delivery startup operating in Armenia, Georgia, and Belarus, has raised $3 million from US funds Perea Capital, Hayastan 1, and Latvia’s SOLventures, headed up by Delivery Club founder Levon Oganesyan.
The new injection of cash will be invested in further technological development of its services and expanding into new markets.
“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, founder of Menu Group.
According to the company, it delivers one million orders a year in Armenia, Georgia, and Belarus and in August of this year, it acquired the Georgian operations of Foodpanda, the German food delivery company owned by Delivery Hero. The company expects to end 2017 with revenues of $3 million.
“We are very much encouraged by the results achieved by the Menu Group team within the Armenian, Georgian and Belarusian markets,” added SOLventures’ Levon Oganesyan. “Acquiring investment will enable the company not only to boost its position in existing markets but also to expand its geographical presence.”
All of the new investors will be joining the Menu Group board of directors, alongside previous investors Granatus Ventures from Armenia.