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Sucess Story: founded by PEM Alumni, InstaShop was acquired for $360 million, a record sum for a Greek startup

JohnTsioris and Ioanna Angelidaki, PEM alumni, are the names behind the company InstaShop, a Greek-owned company whose grocery ordering app is especially popular in the Middle East. On August 27, 2020 InstaShop announced that it has been acquired by the German group Delivery Hero, for $360 million, which is the largest price ever commanded by a Greek startup.

John Tsioris, CEO & Founder of InstaShop, said:
The partnership with Delivery Hero is a great opportunity for us to continue to grow our business and put the group’s expertise to use. I really enjoyed working with Delivery Hero on this deal and am thrilled to continue to further expand the reach and quality of our service at InstaShop. Delivery Hero is a network driven by ambitious founders and entrepreneurs just like ourselves, and we are proud to become part of this family.”

Both, JohnTsioris and Ioanna Angelidaki, graduated and received the Diploma of Engineering on 13/10/2008 from the School of Production Engineering and Management. Ioanna continued her studies at PEM School and received a Master of Science in 2010.

About Instashop

InstaShop, a homegrown marketplace on demand delivery app, was introduced to Dubai in 2015, by John Tsioris and Ioanna Aggelidaki, as a grocery delivery app; today InstaShop has onboarded various local retailers such as pharmacies, butcheries, pet shops and others, evolving into a one stop-shop solution. The ease and convenience of the service is the reason why InstaShop is the leading company in the on demand grocery delivery market in the MENA region, with more than 500,000 active users in H1 2020, currently present in five countries. 

The company generates approximately USD 300 million GMV on a Q2 2020 annualised basis, up c. 330% year-on-year, and a positive EBITDA margin. With Delivery Hero’s support, the plan is to launch new markets and invest into further growth.InstaShop’s business model is marketplace-based: it connects customers with vendors and facilitates the purchase, while the shops take care of the logistics. As a leading grocery delivery marketplace in the Middle East and North Africa, InstaShop offers scheduled as well as on-demand deliveries in 45 minutes on average. Partnering with approximately 1,500 vendors, the company operates in five countries: the United Arab Emirates, Qatar, Bahrain, Egypt and Lebanon. Instashop was backed over the years by Jabbar Internet Group, one of the leading tech investors in the region, and VentureFriends, a European early stage investor from Greece. The exit marks a record for the Greek tech ecosystem as well as a major exit for the MENA region and is expected to further support the growth of entrepreneurial tech activity in both regions. 

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