Greek-run startup InstaShop, a grocery delivery service operating in the Middle East and North Africa, was purchased by German food delivery service Delivery Hero in a record breaking deal of $360 million.
The sum is made up of a $270 million estimation of the company’s worth, along with a $90 million dollar investment anticipating further expansion of the startup’s operations.
This is the largest sum ever paid for a Greek startup.
In the age of Covid-19, food and grocery delivery apps have seen a boom in business. People avoiding crowded locations can order their groceries and other goods from the safety of their homes.
InstaShop, currently based in Dubai and operating in the United Arab Emirates, Qatar, Lebanon, and Egypt, was founded by two Greeks, Ioanna Angelidaki and John Tsioris.
They’ve recently expanded into the Greek market, delivering to parts of Thessaloniki.
The idea for the delivery app stemmed from founder Tsioris’ frustrating experiences with ordering groceries over the phone, according to Epixeiro. He connected with co-founder Angelidaki and the company was began operations in 2015.
InstaShop’s services are not limited to groceries. The delivery app also connects users to pet shops, bakeries, pharmacies, and even flower shops. The products are delivered to users within 90 minutes.
While the startup has offices around the Middle East and North Africa, they also have a team of software engineers in Thessaloniki.
Delivery Hero also has ties to Greece. The company purchased the Greek food delivery service e-Food in 2015.