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Foodout Successfully Expands into Iran

05-04-2016 02:55 PM CET | IT, New Media & Software

Press release from: Foodout

Foodout, the leading online food delivery player in Baltic states, recently announced that it has expanded into Iran through a joint venture with Netbarg, the leading Iranian e-commerce player, at a time when economic sanctions in that country have begun to ease. The deal gives Foodout access to local knowledge and expertise as it enter the Iranian market for the first time.

Foodout sees a huge potential in Iran’s 50 million internet users (which is expected to grow 20% year over year); Iran’s strong Food service industry (which is worth an estimated $77 billion USD); as well as Iran’s takeout and delivery market (which management estimates to be larger than $450 million USD and is expects to growing at an extremely fast rate).

"The online food delivery in Iran has huge potential, and Netbarg is clearly the ecommerce leader,” said Tomas Martunas, Foodout’s Chairman of the Board. Martunas continued, “As we look to expand into new geographies and grow Foodout, finding the right partner and tapping into local expertise and knowledge is absolutely critical to ensure success. Netbarg and its team have built a leading brand with loyal customers, and we're delighted to be partnering with them. Food delivery has massive growth potential, and Foodout is at the forefront of changing the way people order food around the world."

Pedram Assadi, CEO of the online food-delivery joint venture in Iran, stated, "Iran is a country with rich food traditions. People love to order food from restaurants, but it is mainly still being done via phone. Currently, less than 5% of the food orders are made online. The market is huge with 50 million internet users. And, since launching, online ordering and food delivery is catching on at a pace we've never imagined prior to launch. This partnership will benefit thousands of restaurant owners and hungry internet users across Iran.

The Iranian joint venture with Netbarg follows a period of intense expansion by Foodout, which saw the company grow from 0 to 300.000 orders in a one-year period. The rapid growth will be supported by the Series A round, which Foodout is currently raising, and will soon followed by expansion into new markets.

Foodout is backed by Goldfish Fund, a premier provider of seed and early stage venture capital in Frontier markets.

Foodout is the leading online takeout and food delivery marketplace and service provider in frontier markets. Foodout provides restaurants with an online presence via its online marketplace and provides restaurants with industry leading software and technology to generate additional orders. For consumers, Foodout offers the convenience of home delivery and the largest selection of top restaurants, from which consumers can easily order their favorite meals via Foodout’s app or website. Furthermore, Foodout is able to ensure on-time delivery and quality through its proprietary, “last-mile” delivery technology and operations.

Foodout
Zalgirio 114, Vilnius, Lithuania, 09300
Jonas Karosas - jonas@goldfishfund.com

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