Kazan health food production and delivery service Magic menu raised $ 120,000 during the seed round. The funds were received from a group of private investors and Teleport co-founder Viktor Koch. Viktor Koch told Rusbase about this.
The round is reportedly not over yet. If the revenue of the service continues to grow at the current pace, then, according to the company, it will be able to attract $ 400 thousand by the end of the cycle. In the worst-case scenario of seed development, about $ 250 thousand will be raised. During the transaction, the entire project was estimated at $ 500 thousand.
At the moment, the startup is working in Kazan and Naberezhnye Chelny. A test launch was also carried out in St. Petersburg. This year it is planned to start the service in Moscow. The company is expected to deliver food to 32 cities in Russia by 2022.
According to the company, amid the impact of the pandemic, the service experienced an increase in the number of orders. This contributed to its development. As a result of receiving new financing, it is planned to enter the markets of new regional cities with a population of one million. There are also goals to improve logistics and expand the menu.
“This intermediate round will allow us to move faster. If our plans do not fail, then we will triple our financial indicators by the second quarter of 2021 ”, - comments the head of the company Artem Andreev.
He added that he aims to maximize business in the regions of Russia. The closing of the deal is scheduled for the end of the third quarter of 2020.
According to the company, the service's revenue in one month of 2020 amounted to about 1 million 700 thousand rubles in Kazan and about 960 thousand rubles in Naberezhnye Chelny.
Magic menu was founded in 2017 by Artem Andreev. According to our own data, more than 1 million 240 thousand dishes were prepared during the service's operation in kitchens. According to the Unified State Register of Legal Entities, the service is being developed by IE Andreev Artem Alexandrovich.