Foodout, a food-delivery service based out of Lithuania, tells us that they are planning a move into the Iranian market, seeing an opportunity with the more than 50 million internet-users there, following the lifting of the sanctions against that country. They are not entering the market blindly, however, but announce that the move is in partnership with Iranian e-commerce player Netbarg, with the hopes of obtaining local knowledge and expertise for a smooth entrance.
n order to support the move into Iran, as well as planned expansion into other CIS (former Soviet republics) and foreign markets, the startup has revealed that they are in the process of closing a Series A deal, although they have declined to announce further details.
Founded in 2014, Foodout has thus far targeted the Latvian and Lithuanian markets, reaching 300,000 orders within a year of its launch. To date, the startup has raised $1 million in funding from the Goldfish Fund, which invests in projects focused on “frontier markets”.
Foodout is hardly the only company to have taken notice of the potential of the Iranian market, as we recently noted that U.S. startup Paymentwall has integrated with Shetab, the local payment-clearance system, a move that could pave the way for other businesses to try their luck in this country.