Berlin-based company builder Team Europe is opening a headquarters in internet hub Seoul, South Korea – and it looks like online food delivery services will be a top priority, as we unearth proof that website Yogiyo is launching as an Asian version of Delivery Hero.
Markus Fuhrmann (pictured), co-founder of Delivery Hero will oversee the new venture, which will be managed locally by German-Korean ex-McKinsey consultant Ludolf Ebner-Chung. Fuhrmann started several companies in China before joining Team Europe in 2009 to . Ebner-Chung is a former general manager at international online gaming company NCSoft, founded in Seoul in 1997.
The region “offers a huge opportunity to build successful internet companies”, Fuhrmann said in a statement. Korea, a well-recognised internet and smartphone world leader, is an obvious place to start. “Seoul is all about startups. It feels like Berlin a few years ago.”
Yogiyo – Delivery Hero for Asia
Details of new ventures in Asia remain unconfirmed by Team Europe for now – but Ebner-Chung’s LinkedIn profile shows he’s also the CEO of the tasty-looking Yogiyo, an online food order service scheduled to open mid-June.
Further digging on LinkedIn reveals that Yogiyo is seeking a CSO, and that the venture is “A local subsidiary of “Deliveryhero”, a larger successful European online business that is owned by Team Europe”.
Former Delivery Hero senior business development Christoph Mayr’s LinkedIn profile now lists him as chief strategy officer at Yogiyo (and venture partner at Team Europe Ventures Asia Pacific).
It seems like a good move. Global food delivery group Delivery Hero, one of Team Europe’s flagship portfolio companies, recently revealed it grew 84 per cent in Q1 2012 and is now on target for over €250 million revenue this year.
About two-thirds of that will come from outside Germany – Delivery Hero is active in 10 countries and a market leader in Germany (as Lieferheld), Poland, Austria, Switzerland and Finland. The UK (as Hungry House) is lined up next – if, that is, Hungry House can successfully overtake competitor Just-Eat, which just secured $64 million in funding.
Yogiyo versus Food Panda – the battle for Asia begins
Team Europe’s fellow Berlin-based incubator Rocket Internet just went live with online food delivery service FoodPanda in Singapore, Malaysia, Indonesia, Thailand and India (which we note has a remarkably similar front page to that of Delivery Hero). Could this be race on?
Team Europe, founded in 2008 by Lukasz Gadowski and Kolja Hebenstreit, counts Delivery Hero, SponsorPay, Madvertise, HitFox and Mister Spex among current and previous portfolio companies, and is a shareholder in Vertical Media (VentureVillage and Gründerszene).
For related reading, check out:
Rocket Internet’s eDarling, eHarmony share plans, say Asia is “a different elephant”
Up, up and… into Sweden: Delivery Hero raises fresh €25m
“Being an entrepreneur in China takes balls” – top tips for investing in the Chinese market