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Food tech start-up Deliverect (Flanders) raises new funds

In 2018, food tech start-up Deliverect was founded by two entrepreneurs from Flanders, Zhong Yuan Xu and Jan Hollez, who previously wrote a success story with Posios, a cash register application for the hospitality industry. Following the spectacular increase of meals ordered online, which was partly due to the COVID-19 pandemic, Deliverect organized a second financing round with their shareholders. Thanks to the resulting capital injection, the company seeks to boost growth in Europe as well as conquer the US and Canada. 

Deliverect team

The next big thing

Their history with Posios allowed the two entrepreneurs to gain knowledge, experience and a broad network that they deployed to create software that manages home deliveries. Their solution combines all orders from a restaurant into one overview that is linked to a stock and order module and the restaurant’s accounting system. As restaurants often blend their own orders via website or telephone with the orders coming in from home delivery services such as Deliveroo, Uber Eats or Takeaway.com, confusion arose.  

"We felt that home delivery would be the next big thing for restaurants. The coronavirus crisis has driven that process forward," declares co-founder and CEO of Deliverect Zhong Yuan Xu. "For many restaurants, it's the only way to survive. Through our technology, we're helping them make the transition from offline to online.” 

Road to internationalization

Since its establishment two years ago, Deliverect has processed more than 3.5 million orders. The company currently employs more than 50 people. Last year, it raised EUR 3 million from fintech fund SmartFin Capital. Now the company has collected EUR 16.2 million from existing shareholders and the Canadian venture fund OMERS Ventures, which will help them to internationalize their business. "In Europe, we're already the largest platform, but in the U.S. and Canada, there are even bigger players,” explains Zhong Yuan Xu.  

Food at your doorstep

It’s not just the regular hospitality industry that uses the technology of Deliverect, but virtual kitchens and dark kitchens also rely on the software. Virtual kitchens prepare meals that are sold online and delivered to customers’ doorsteps without offering dining space. “However, even for traditional restaurants, deliveries already represent 20 to 30 percent of the revenue. The digital revolution is on the rise in the hospitality industry,” concludes Zhong Yuan Xu.

This becomes all the clearer when looking at Deliverect’s project portfolio. To give just one example, the food tech start-up signed a major contract with British-Dutch multinational Unilever to streamline the home delivery of Magnum and Ben & Jerry's ice cream in hundreds of cities across three continents.

More info

Deliverect
Reported by
(source: newspaper De Tijd)
19 June 2020

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