|YemekSepeti.com, a takeout food ordering service which operates with 2,650 member restaurants, has sold an estimated 20% equity stake for $3 million to the European Founders Fund of Germany, thus valuing the firm at $15 million. The deal was reported in the TDN (Europeans partner with Turkish food portal) and the Milliyet Newspaper (Turkish: Yemek Sepeti’ne Almanlar girdi). In addition, more specifics of the deal were also garnered from Arda Kutsal's Webrazzi (Webrazzi (in Turkish): YemekSepeti.com’un azınlık hissesi European Founders’ın).
The announcement highlights Turkey once again for its growing Internet space and interest by foreign private equity. With sources close to the deal, it appears Yemeksepti.com will use the investment to move its service into Eastern Europe.
According to the Milliyet article, it looks like other investors consisted of Raymond James Türkiye Yatırım Bankacılığı General Manager Gökçe Kabatepe, Mondus.net’s founder, internet investor and GP of iLab Ventures - Cem Sertoğlu, as well as Çağan Şentürk and Başar Başaran, taking on some share of equity.
We first learned of European Founders Fund and their interest in Turkey when they became limited partners of Turkish Venture Capital Fund, LeVenture. Also, we must also remember that EFF had invested in Cember.net just before it was sold to XING.
Labels: Eurpean Founders Fund, Yemeksepeti.com