When we last heard from Lithuania-based food-delivery startup Foodout, just last week, they had announced that they were making a move into the Iranian market. But it seems that this was not the only significant bit of news that they had, as they have now revealed that they have closed a deal to join with Estonian competitor Mychef, in order to create a larger presence in the Baltics.
The deal, which involves Foodout taking a stake in Mychef, will allow the Lithuanian startup to follow their Estonian partner’s model, which includes focusing on B2B and B2C customers, as part of a move into the Finnish market. They also intend to build up their presence in Tallinn by offering access to a wider array of restaurants and delivery services. As a result of this partnership, Foodout says that they will operate in each city in the Baltics (Estonia, Latvia, and Lithuania) that has a population of 100,000 or more, while Mychef intends to cement its position as the market-leader in Estonia.
Mychef, which was launched in 2012 by a group of Estonian and American investors, says that they have tripled their revenue in each year of operation and currently offers access to 60 restaurants through their web and mobile platforms.