Dutch fund buyout deal values Kenyan website at Sh220m
A Dutch-based venture capital firm has raised its stake in a Kenyan restaurant guide website, EatOut, in a transaction that values the online portal at Sh220 million.
The buyout of a further 7.9 per cent stake at a cost of Sh17 million ($200,000) will see Africa Media Venture (AMVF) raise its ownership in the Kenyan firm from 25 per cent to 32.9 per cent.
EatOut is the brainchild of owner and chief executive, Mikhul Shah, a Kenyan, who remains the majority shareholder.
The guide is now focused on rolling out its business model to more African countries.
“The plan is to explore several new revenue models in Kenya and at the same time gain market share in at least five to ten countries in Africa,” said Mr Shah in an e-mail interview.
AMVF bought a quarter of EatOut’s shares last year.
The announcement of the sale comes at a time EatOut has partnered with Hellofood.com, a leading online food ordering platform with a presence in 30 countries, including Kenya.