The Greek start-up InstaShop, a grocery delivery service operating in the Middle East and North Africa, acquired through the German food delivery service Delivery Hero on a record $360 million contract.
The sum consists of an estimate of $270 million of the company’s value, as well as a $90 million investment that will allow further expansion of the startup’s operations.
It is the largest amount ever paid by a Greek startup.
In the Covid-19 era, food and grocery delivery programs had a commercial boom. People who avoid crowded posts can order their groceries and others in protecting their homes.
InstaShop, recently founded in Dubai and operating in the United Arab Emirates, Qatar, Lebanon and Egypt, founded through two Greeks, Ioanna Angelidaki and John Tsioris.
Recently they have evolved in the Greek market, delivering in portions of Thessaloniki.
The concept of the delivery app was born from the frustrating reports of founder Tsioris on grocery orders over the phone, according to Epixeiro. It connected with co-founder Angelidaki and the company began operations in 2015.
InstaShops are not limited to groceries. The delivery app also connects users with puppy shops, bakeries, pharmacies and even florists. Products are delivered to users in 90 minutes.
Although the start-up has offices in the Middle East and North Africa, it has a team of software engineers in Thessaloniki.
Delivery Hero also has links to Greece. The company purchased the Greek e-Food delivery service in 2015.