Take Eat Easy, a Belgium-based food delivery service backed by e-commerce group Rocket Internet, has ceased operations following failed attempts at raising a series C round, TechCrunch reported on Tuesday.
The company has run out of cash and will file for juridical restructuring, meaning it could still be acquired, though no such deal appears to be on the horizon.
Founded in 2013, Take Eat Easy allowed consumers to order meals from nearby restaurants. The company had attracted 350,000 users and grown its restaurant network to 3,200 partners.
Take Eat Easy had expanded into France, Spain and the UK. It began raising a series C round in October 2015 but was turned away by 114 VC funds, co-founder and CEO Adrien Roose told TechCrunch.
The company eventually secured a term sheet for a €30m ($33m) investment from mail service La Poste’s delivery subsidiary GeoPost, but the transaction was abandoned after a three-month due diligence process.
Take Eat Easy received $11.1m in series A capital in September 2015 from Rocket Internet, DN Capital, Piton Capital and Eight Roads Ventures, an investment arm of financial services firm Fidelity International, which led the round.
Rocket Internet, DN and Piton had previously supplied $6.4m in April 2015 following a seed round provided by Lean Fund that was reportedly sized at approximately $390,000.
Rocket Internet reportedly sold its stake in the business in September 2015 to Delivery Hero, another of its portfolio companies, which operates a direct competitor to Take Eat Easy, Foodora.