Kinnevik is an industry-focused investment company with an entrepreneurial spirit. Its purpose is to build digital consumer businesses that provide more and better choices. The company does this by working in partnership with talented founders and management teams to create, invest in, and lead fast-growing businesses in developed and emerging markets. Kinnevik believes in delivering both shareholder and social value by building well-governed companies that contribute positively to society.  Kinnevik was founded in 1936 by the Stenbeck, Klingspor, and von Horn families. Kinnevik's shares are listed on Nasdaq Stockholm's list for large-cap companies under the ticker codes KINV A and KINV B.

Kinnevik

83North is a global venture capital firm with more than $1.8B million under management. The firm invests across all stages of consumer and enterprise companies and backed some of the fast-growing category leaders. 83North has two main offices in London and Herzliya.

83North

Piton Capital is a venture capital and growth equity firm headquartered in London, United Kingdom. Piton focuses exclusively on network effects businesses (marketplaces, exchanges and platforms) as this provide one of the few moats or forms of defensibility to achieve dominance. There are several forms of great network effects businesses that aren’t marketplaces that include data network effects (including machine learning and AI), businesses that rely on user generated content, as well as SaaS businesses with the potential to layer network effects around it. The firm is a stage and style-agnostic and seeks to invest from seed to late stage (€200k to €15m).

Piton Capital

VNV Global is an investment company with the business concept of using experience, expertise and a widespread network to identify and invest in assets with considerable potential for value appreciation. The company has a special focus on online marketplaces and businesses with strong network effects.  The common shares of VNV Global are listed on Nasdaq Stockholm, Mid Cap segment, with the ticker VNV.

VNV Global

Felix Capital is a venture capital firm for the creative class, operating at the intersection of technology and creativity. Felix Capital focuses on digital lifestyle, investing in authentic brands, platforms and related enabling software technologies.  Felix Capital's mission is to support entrepreneurs with big ideas, to help them build strong category-leading companies that stand out and that move the world forward. The ambition to partner with the best entrepreneurs, the creative agents of change of digital lifestyle.

Felix Capital

Burda Principal Investments a division of Hubert Burda Media, provides long term growth equity for fast growing digital technology and media companies. Hubert Burda Media is media and technology conglomerates with a strong investment track record in internet-centric businesses since 1998. They have been partners for visionary entrepreneurs, leveraging Burda’s capital, brands and sector expertise, particularly in the areas of business expansion, internationalization and localization. They are invested in a portfolio of highly successful consumer internet companies in Europe, the U.S. and Asia. In the past, Hubert Burda Media has invested in internet platforms such as Etsy, zooplus, HolidayCheck, or Xing AG. BPI is run by a dedicated team of investment professionals based in Munich, Berlin, London and Singapore.

Burda Principal Investments

Perwyn is an investment company. They invest in technology, services, healthcare, food, and ingredient sectors. Their capital base allows them to focus time on helping investment companies.

Perwyn

Kreos Capital is Europe's largest and leading provider of growth debt to high-growth companies with revenues up to €150 million. Since 1998, as the pioneer growth debt provider across the UK, Western Europe, Scandinavia and Israel: Kreos has completed nearly 450 transactions and committed €1.8 billion in 14 different countries. Kreos has a proven track record of adding value to portfolio companies and helping them to grow with additional capital and flexibility throughout their business cycle whilst working closely with both the portfolio company management team and their equity sponsors.  The Kreos global team has extensive debt financing, management and equity investing experience, covering the pan-European market from its locations in London, Tel Aviv and Stockholm.  Kreos is a value added partner, able to offer additional capital and more flexibility with lower equity dilution. Kreos's international team has extensive entrepreneurial, debt financing and equity investing experience, covering all local European markets from its locations in London, Tel Aviv and Stockholm.

Kreos Capital

Vintage is a global venture firm that invests in venture funds and startups via primary and secondary transactions. Through its secondary strategy, the firm acquires limited partnership interests in Israeli, European, and select U.S. venture capital funds as well as holdings in technology startups. It also invests directly into growth-stage startups across all 3 geographies, alongside partner VC funds.

Vintage Investment Partners

HungryPanda

Headquartered in London, the UK, HungryPanda is a specialist food delivery platform to providing authentic Chinese food and groceries to Chinese compatriots and students abroad since its establishment in 2016. With its business footprint in more than 60 major cities across the UK, France, Australia, New Zealand, the US, Canada and so on, HungryPanda is the global leader in delivering Chinese food and groceries with the extensive market coverage, highest user traffic as well as annual transaction volumes.  The success is built upon a large vertical with specialized needs and underpinned by its industry leading operational efficiency and proprietary technology . For HungryPanda, customers are always at the centre of its business and the company is committed to offer one-stop-shop solutions for overseas Chinese. The interface design of HungryPanda APP is highly in line with end users’ preferences and it has built an efficient distribution system in order to create an advanced food and retail ecosystem. Our Vision： HungryPanda’s vision is to become the global market leading platform that enables overseas Chinese business in the food industry and connects oriental food to all consumers who enjoy it.  Our Mission: •	Connecting merchants to consumers via our state-of-the-art online platform and industry leading delivery service; •	Consolidating the end-to-end value chain of the overseas Chinese food industry to leverage efficiency and scale; •	Creating business opportunities via our far reaching business network and digital solution

<div>HungryPanda, founded in the UK, specifically provides authentic Chinese food delivery options as well as an online Chinese supermarket. The company operates in six countries: the UK, the US, Canada, France, Australia, and New Zealand. The app is only in Mandarin, with 24/7 bilingual customer service, as it aims to bring familiarity to overseas Chinese customers when ordering authentic Chinese food. The company uses WeChat, a Chinese messaging app, to market its platform. In November 2020, HungryPanda reported around a 30x growth over the past three years, the company claims that it is profitable in the UK and major cities, including New York, and expects to be so in other localities too. As of December 2021, the company expanded to 60 cities in ten countries including the UK, the US, Japan, and Singapore. </div>

From fast food to fine dining, everything but the kitchen sink is suddenly just a tap away.

Online Food Delivery

Service-HUNGRYPANDA HONOURS TOP CHINESE RESTAURANTS IN THE UK AT GLOBAL GOLDEN PANDA ...

<div>
 
 HungryPanda, founded in the UK, specifically provides authentic Chinese food delivery options as well as an online Chinese supermarket. The company operates in six countries: the UK, the US, Canada, France, Australia, and New Zealand. The app is only in Mandarin, with 24/7 bilingual customer service, as it aims to bring familiarity to overseas Chinese customers when ordering authentic Chinese food. The company uses WeChat, a Chinese messaging app, to market its platform. In November 2020, HungryPanda reported around a 30x growth over the past three years, the company claims that it is profitable in the UK and major cities, including New York, and expects to be so in other localities too. As of December 2021, the company expanded to 60 cities in ten countries including the UK, the US, Japan, and Singapore. 
 
 
 In December 2021, the company acquired 
 <a href="https://sp-edge.com/updates/7797">
 Australian food delivery platform EASI 
 </a>
 and New Zealand-based Asian food delivery platform 
 <a href="https://sp-edge.com/updates/7797">
 BUY@HOME
 </a>
 . This allowed HungryPanda to build an international Asian food delivery platform and improve its local operations by giving customers a broad range of authentic Asian restaurants. 
 
 
 HungryPanda raised 
 <a href="https://sp-edge.com/updates/7464">
 USD 130 million in a Series D funding 
 </a>
 round led by Perwyn in December 2021. The company intended to use the funds for technology, business strategy, and talent to help the company grow its market share in the Asian food delivery space, expand market offerings, and explore acquisition opportunities.
 
</div>

<div>
 
 DoorDash operates an online food delivery platform, connecting restaurants with customers, across the US, Australia, Canada and Japan. As of February 2022, the company was the market leader in the US among OFD players, with an estimated 58% market share according to Bloomberg Second Measure. Its US operations span over 4,000 cities, with more than 400,000 restaurant partners servicing over 18 million customers, as of April 2021. DoorDash is one of the first startups (along with Postmates) to offer a delivery facility through an aggregator platform, which competitor GrubHub only started in 2015. The company has also expanded into grocery and convenience store delivery over the last 2-3 years, with a hybrid business model consisting of a mix of supermarket partnerships and its own network of dark stores. As of June 2022, the company operated in 27 countries including the US, Canada, Japan, Germany, Australia, Israel, and New Zealand as well as countries in the Nordics, Baltics, Eastern and Central Europe, and the Caucasus.
 
 
 Prior to the pandemic, DoorDash charged restaurants a commission of up to 30% of order value, and a service or delivery fee from customers, depending on the type of service (takeout or delivery). However, during the height of the Covid-19 pandemic, third-party delivery platforms were criticized for their heavy commission fees, with several cities across the US imposing a temporary 15% delivery commission cap to support restaurants, given their higher dependency on third party food delivery providers. In response, DoorDash introduced a new three tiered commission structure for US restaurants (with less than 75 locations) in April 2021, ranging between 15%-30% delivery commission (+6% pickup commission), with limits on 1) delivery area; 2) app visibility; and 3) access to high-value DashPass customers, for the lower commission range. Under the new commission structure, consumers bear a higher share of delivery costs. Consumers who subscribe (USD 9.99 per month) to DashPass, however, are eligible for zero delivery fees on orders over USD 12.00. The company classifies DashPass subscribers as &ldquo;high-value&rdquo;, likely due to their frequency of ordering food delivery. In April 2022, the company launched 
 <a href="https://sp-edge.com/updates/9779">
 &ldquo;DashPass for Students,&rdquo; 
 </a>
 a discounted subscription plan for college students. The new program builds on its existing DashPass (launched in 2018), allowing DoorDash to make its services more accessible to students across the US.&nbsp;
 
 
 DoorDash also operates other business models such as 1) DoorDash Self-Delivery: a platform that allows restaurants and food businesses to have a listing on the DoorDash platform, while using their own delivery people and setting their own delivery zone and fees (lower commission vs. restaurants that use DoorDash&rsquo;s drivers); and 2) DoorDash Drive (Drive): a white-label product, which allows participating restaurants to offer delivery through their own apps or websites (instead of the DoorDash app) with delivery being carried out by DoorDash drivers. In March 2022, the company conducted a beta launch of its new feature &ldquo;Return a Package,&rdquo; allowing customers to return packages to the closest post office, UPS, or FedEx location. In 
 <a href="https://sp-edge.com/updates/19802">
 June 2023
 </a>
 , DoorDash launched a new Earn by Time feature that enables drivers to choose between getting compensated for each delivery or being paid an hourly flat rate. DoorDash also launched a safety feature that allows drivers to share their location with up to five contacts. In 
 <a href="https://sp-edge.com/updates/20692">
 July 2023
 </a>
 , DoorDash tested Dash AI, an AI-powered chatbot, in select markets. DoorDash expects the technology to expedite the ordering process and enable customers to receive personalized restaurant recommendations by using simple text prompts.
 
 
 In contrast to competitor UberEats - which has expanded aggressively through a series of acquisitions - DoorDash has predominantly grown organically, with the support of a few strategic acquisitions. DoorDash&rsquo;s most recent acquisition was in March 2022, when it entered into a definitive agreement to 
 <a href="https://sp-edge.com/updates/8851">
 acquire Bbot,
 </a>
 a contactless ordering and payment solution provider. The purchase allowed the company to expand its in-store operations product suite for merchants, including in-store digital ordering and payments. Previously, the company acquired Chowbotics, the developer of a stationary salad-making robot, &ldquo;Sally,&rdquo; in February 2021. In July 2022, DoorDash announced plans to shut down Chowbotics. &nbsp;In August 2019, the company bought rival online food delivery platform Caviar for USD 410 million. The acquisition strengthened Doordash&rsquo;s market share in Pennsylvania and Oregon, where Caviar had more than 10% market share.
 
 
 In June 2022, DoorDash completed its acquisition of Wolt, a Finland-based online food delivery platform. The acquisition expanded DoorDash&rsquo;s global presence from four countries to 27. The deal was closed at a value close to USD 3.5 billion, although it was initially valued at USD 8.1 billion when announced in November 2021. This is a result of DoorDash's share price falling by more than 55% since November. DoorDash issued over 46 million shares to Wolt shareholders in the transaction. Wolt CEO Miki Kuusi was to head the company's operations outside the US, including Wolt&rsquo;s 23 markets as well as Australia, Canada, and Japan. In less than two weeks following the acquisition, Wolt launched its new subscription service
 <a href="https://sp-edge.com/updates/11037">
 
 Wolt+
 </a>
 in Prague and scaled its operations in Israel by launching operations in Israel&rsquo;s northern region.&nbsp;
 
 
 Key customers and partnerships
 
 
 DoorDash has restaurant partnerships with Chipotle, Denny&rsquo;s, Wingstop and Little Caesars. In February 2022, DoorDash launched 
 <a href="https://sp-edge.com/updates/8416">
 DoorDash Capital 
 </a>
 in partnership with Parafin, a financial services technology company, to provide revenue-based financing to eligible restaurants and DoorDash merchants. It would support investments in growth including purchasing equipment, hiring, marketing costs, rent, and payroll. That same month, DoorDash Storefront (launched in 2020) integrated with Google to offer commission-free online orders to restaurant partners in the US. In March 2021 Doordash partnered with Missouri-based family-owned supermarket retailer Schnuck Markets to deliver prepared meals from five store locations in St. Louis, Missouri, to addresses within a six-mile radius of the stores. In July 2022 the two companies expanded the partnership to include 25 locations across Missouri, Illinois, and Indiana. In January 2023 expanded its delivery 
 <a href="https://techcrunch.com/2022/09/13/starbucks-and-doordash-to-launch-delivery-partnership-in-atlanta-expand-nationwide-in-2023/">
 partnership
 </a>
 with Starbucks to include the delivery of&nbsp; Starbucks products across all 50 US states by March 2023. In 
 <a href="https://sp-edge.com/updates/19802">
 June 2023
 </a>
 , the company partnered with Amazon Canada to offer a free one-year membership of the company's subscription service, DashPass, to Amazon Prime members.
 
 
 Funding and financials
 
 
 DoorDash generated a revenue of USD 8,635 million and incurred an operating loss of USD 579 million during the year ended December 2023.
 
</div>

DoorDash

Gousto is a subscription-based recipe kit startup based in the UK, with operations in the UK and <a href="https://sp-edge.com/updates/31074">Northern Ireland</a>. Customers have the option to select from two-person or family box options, with a choice between two and four recipes that may price a serving between USD 3.80 to USD 7.90. Gousto has a range of recipes catering to different customer preferences such as vegetarian, plant-based, gluten-free, dairy-free, DIY pizza bases, lean in 15, healthy choice, 10-minute meals as well as oven-ready options.Gousto <a href="https://sp-edge.com/updates/8713">raised USD 230 million </a>in February 2022. The round followed an infusion of <a href="https://sp-edge.com/updates/7648">USD 150 million </a>in January 2022. Both rounds were led by Softbank’s Vision Fund 2. The company intended to use the funds to double its tech team by the end of 2022.The company reported revenue growth of 67% YoY to GBP 315 million (~USD 393.8 million) in <a href="https://sp-edge.com/updates/10005">FY2021. </a>Gousto reported that it had sold 90 million+ meals in 2021 compared to 53 million meals the previous year. EBITDA was up 10% YoY to GBP 20 million (~USD 25 million) in FY2021, while net cash from operations reported growth of 136% YoY to GBP 37 million (~USD 46.3 million).

Gousto

Mindful Chef, founded in the UK, provides health-focused meal kits with pre-portioned fresh ingredients, free-range chicken, 100% grass-fed beef and UK-landed fresh fish. A weekly box contains between two to five recipes and customers are able to choose from 16 recipes which are changed weekly, with vegan options as well as gluten-free and dairy-free options. The company caters to flexitarians, vegetarians and pescatarians, too. Additionally, the company donates a meal to a child in poverty for each meal purchased. Customers are able to skip, pause, cancel or schedule one-off deliveries at any time. The company also offers frozen meals and smoothies. As of September 2020, the company states that more than 5 million meals have been sold to more than 100,000 customers. In <a href="https://sp-edge.com/updates/31072">June 2024</a>, Mindful Chef launched its services in Northern Ireland.In December 2021, the company partnered with the British supermarket brand <a href="https://www.forbes.com/sites/kevinrozario/2021/12/28/waitrose-pioneers-recipe-box-service-with-mindful-chef/?sh=214ea7df40d5">Waitrose </a>to offer a co-branded recipe box that featured a Waitrose Cooks’ Ingredient product. In April 2022, the company expanded its partnership with Waitrose by launching a quartet of chilled ready meals available via Waitrose stores. In August 2022, the company partnered with Diabetes UK to launch a new meal range for customers with type 2 diabetes. The menus came with extensive nutritional labeling and include gluten-free, dairy-free, and plant-based options. In September 2023, Mindful Chef partnered with the fast food brand LEON to launch four healthy fast food recipes.

Mindful Chef

<div>
 
 HelloFresh delivers weekly meal kits, containing pre-portioned fresh ingredients and step-by-step recipes, to its subscribers in 18 countries (as of October 2022) across Europe, North America, Australia, and New Zealand, with a global base of 8.0 million active customers as of Q2 2022. Its meal kits are priced between USD 7.49&ndash;10.99 per meal, in-line with competitors Blue Apron and Marley Spoon, with consumers subscribing to a weekly (rather than monthly) service, which enables more flexibility to skip weeks. HelloFresh launched its own delivery fleets in the 
 <a href="https://sp-edge.com/updates/24686">
 US
 </a>
 and the 
 <a href="https://sp-edge.com/updates/18306">
 UK
 </a>
 in 2023. 
 
 
 HelloFresh has grown its US presence and product offerings through a combination of acquisitions and organic growth, aligned to its multi-tier brand strategy. The company acquired premium brand Green Chef in March 2018, and subsequently, extended its menu offerings to include organic meals for US customers, including special diets such as ketogenic and paleo. In 
 <a href="https://www.thegrocer.co.uk/online/hellofresh-launches-specialist-diet-meal-kit-brand-green-chef-in-uk/655593.article">
 April 2021
 </a>
 , following its success in the US market, Green Chef was expanded to the UK. In August 2022, Green Chef was also launched in the Netherlands. The company&rsquo;s acquisition of Factor (a ready-to-eat meal company) in December 2020 was aimed at expanding into the convenience-focused customer segment. In terms of organic growth, the company launched its value brand, EveryPlate, in 2018 for budget-conscious consumers, featuring meal kits that average around USD 4.99 per serving.
 
 
 Overseas, HelloFresh acquired a ~10% stake in Russia&rsquo;s largest meal-kit provider Chefmarket, in September 2021, through a cash capital increase. HelloFresh has also announced plans to acquire Australia-based ready-meals firm Youfoodz (announced in July 2021), which would expand its customer base in Australia as well as its presence in the ready-to-heat category.&nbsp;
 
 
 Funding and financials
 
 
 In December 2021, the company announced plans to invest EUR 450 million&ndash;550 million (~USD 507 million&ndash;620 million) and plans to strengthen its 
 <a href="https://sp-edge.com/updates/7315">
 capacity expansion
 </a>
 and customer experience
 
 <a href="https://sp-edge.com/updates/7315">
 plan
 </a>
 by further opening fulfillment centers and increasing its theoretical revenue capacity across all verticals to over EUR 10 billion (~USD 14 billion). Two months later, HelloFresh-owned prepared meal delivery company Factor announced the 
 <a href="https://sp-edge.com/updates/8234">
 opening of a new distribution center
 </a>
 in Lake Zurich, IL.
 
</div>

HelloFresh

Territory Foods offers more than 35 different meals that are updated weekly and are either cooked prior to delivery or delivered as meal kits containing produce. Customers can choose to select delivery of weekly meal plans, individually customize a plan, or market boxes with fresh products to cook at home. Meals are free of refined sugars, gluten, and dairy, however, the company is not certified dairy-free, gluten-free or other allergen-free.In April 2021, the company raised USD 22 million in a venture round led by US Venture Partners and celebrity athletes Abby Wambach and Vernon Davis. The company intends to divert the fresh funds for its expansion into new cities. The investment round brings the total funds raised to date to USD 44 million.

Territory Foods

Platforms that offer ready-to-cook meal kits to individuals who are interested in cooking, but have limited time or skills. Meal kits usually include recipes with step-by-step instructions along with pre-portioned ingredients. Food delivery is often carried out by independent contract workers who are either registered with the platform or employed directly by the platform.

Platforms that prepare and deliver meals based on rotating menus that allow the customer to choose a meal plan of up to multiple dishes for a week with a low level of consumer involvement in cooking and plating. Food delivery is often carried out by independent contract workers who are either registered with the platform or employed directly by the platform.

On-demand delivery platforms that offer a wide range of items (such as various cuisines, groceries, etc)

On-demand delivery platforms that offer specific types of food or cuisine

Infrastructure providers that offer delivery or dispatch management systems

Infrastructure providers that offer white label online ordering websites and apps for restaurants to build their own in-house solutions

Infrastructure providers that offer solutions to help restaurants integrate and centralize online ordering and delivery systems from multiple third party vendors

Solutions in the "in-house ordering solutions" segment allow restaurants to build custom websites, menus, etc.

Most solutions available in "in-house ordering solutions" provide B2B SaaS solutions

Some OFD players such as Uber and Grubhub provide autonomous food delivery services

HungryPanda

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