Foodfox
Restaurant meals delivery to households and offices.
| Date | Investors | Amount | Round |
|---|---|---|---|
| investor investor investor | €0.0 | round | |
| investor | €0.0 | round | |
* | N/A | Acquisition | |
| Total Funding | 000k | ||
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Foodfox emerged in the Russian market in 2016 as a food delivery platform, founded by Maxim Firsov and Sergey Polissar. The company established itself by providing a web and mobile-based platform for ordering meals from local restaurants in Moscow, focusing on a premium and reliable service. It initially garnered support through a $1 million seed funding round led by Target Global, which also saw participation from individual investors like the co-founders of Lamoda.ru. This was followed by a Series A round, raising an additional $5 million.
The business operated on a commission-based model, earning revenue from fees charged to restaurant partners for each order processed through its platform. This model allowed Foodfox to partner with over 1,000 restaurants in Moscow, offering a diverse culinary selection to its user base. The platform provided features such as real-time order tracking, notifications, and various payment options, aiming for a transparent and efficient user experience.
In a strategic move to aggressively expand into the food delivery sector, Yandex.Taxi acquired 100% of Foodfox in November 2017 for approximately $8.4 million. This acquisition was part of Yandex's broader strategy to bolster its market position, especially in light of its merger with Uber in Russia, which included the UberEATS service. Following the acquisition, Foodfox was integrated into Yandex's ecosystem and became a core component of the newly launched Yandex.Eda (Yandex.Eats) in 2018. The founders, Firsov and Polissar, initially transitioned to head the new food-delivery division within the joint venture but eventually departed from the company in early 2020 to potentially pursue new ventures.
Keywords: Foodfox, Yandex.Eda, Maxim Firsov, Sergey Polissar, Russian food delivery, Moscow restaurant delivery, online food ordering, Yandex.Taxi acquisition, Target Global, mobile food platform, restaurant aggregation, foodtech, commission-based model, meal delivery service, premium food delivery, online marketplace, e-commerce, Yandex ecosystem, venture capital, strategic acquisition