Article 4N68W Rocket Internet’s Caterwings acquires German business catering marketplace Lemoncat

Rocket Internet’s Caterwings acquires German business catering marketplace Lemoncat

by
Steve O'Hear
from Crunch Hype on (#4N68W)

Caterwings, the Rocket Internet-founded corporate catering marketplace that operates in 8 countries, has acquired German competitor Lemoncat.

Terms remain undisclosed, although I understand from a source close to the company that it was an "8-digit all stock" deal and sees investors, which include Lukasz Gadowski, Target Global, Point 9, and Northzone, pick up shares in Caterwings' parent company B2B Food Group.

Noteworthy, Rocket Internet was also an investor in Lemoncat, despite founding Caterwings, as it is prone to do.

Meanwhile, the two combined companies are disclosing the completion of another financing round to bolster the newly rolled up venture. This sees a further a5 million invested into B2B Food Group, bringing total investment to a13 million in the last 9 months.

I'm told Lemoncat's legacy investors participated, signalling that they remain bullish on the corporate catering market, essentially doubling down on their investment in the space rather than seeking an exit.

"The market in Europe is clearly there and the question is not whether it will be digitalized, but only when," says Lemoncat founder and CEO Doreen Huber. "Hence I am thrilled to be part of the further expansion of the international market leadership of the B2B Food Group".

The merger of the two companies also comes shortly after takeout food behemoth Just Eat acquired City Pantry, a rival to Caterwings in the U.K., for 16 million.

"It proves to us that also the big consumer food platforms see how great the B2B market is," Huber tells me. "The baskets are much higher and therefore a business customer is more attractive".

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