Seedcorn Capital

Congratulations to Jesper and the guys at Just-Eat for their recent £10.5 million series A round with Index Ventures. Index is renowned as probably the best technology venture capital firm in Europe and is recognised for its investments in Skype and Last.fm. The Just-Eat investment seems like a play it safe bet for Index. The startup has been around for a few years now and the site has 6,000 restaurants in its database, with close to 3,000 in the UK alone, 1M meals are ordered per month, moreover it does not have large competitors and people need to eat, recession or not. The Just-Eat story confirms my previous posts on the growing trend towards local search on-line. The Just-Eat concept is pretty basic really – users search for ‘local’ food that can be delivered and then order online, simple as that. Could Just-Eat follow in the footsteps of OpenTable, a table bookings company in the US, which enjoyed one of the best IPO’s on the Nasdaq since late 2007, delivering a gain of 59% on its trading debut offering price of $20 a share! With the help and support of Index Ventures this is definitely a possibility.