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AddVenture and Moscow Seed Fund invest 300k in ChefMarket

0 22 June 2014

Russian fund AddVenture, which recently completed a very profitable exit from food delivery service Delivery Club, has teamed up with the Moscow Seed Fund to invest $300,000 in ChefMarket

ChefMarket is a bespoke food delivery service for fans of home-cooking. Users choose a recipe from the ChefMarket website and the company delivers precise quantities of all the required ingredients. 

The project was founded by Sergey Ashin, a London Business School graduate and former consultant at McKinsey. It currently delivers to hundreds of clients in Moscow every day. 

The money will be used to add more recipes and take the project to St Petersburg. 

AddVenture managing partner Maksim Medvedev explained that

“Recently interest in the food sector has been growing fast. This is understandable - the traditional way of doing food retail no longer meets consumers’ requirements. I am very pleased the the Moscow Seed Fund shares our faith in the ChefMarket team’s ability to cope with the challenges ahead.”

Interestingly, German fund Rocket Internet, which funded AddVenture’s exit from Delivery Club, also has a portfolio company offering a similar service to ChefMarket. HelloFresh already operates in a number of European countries and may try to enter Russia in the not so distant future. After its profitable exit from Delivery Club, AddVenture might be hoping that lightning will strike twice…

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