May 25, 2022
Ex-Just Eat CEO Mulls Raising VC Fund After Cutting Angel Checks
(Bloomberg) -- David Buttress, the former chief executive officer of UK food delivery firm Just Eat, is weighing plans to create his own venture capital fund after a making nearly a dozen investments on his own.
Buttress joined venture capital firm 83North as a venture partner after stepping down from Just Eat in 2017, and has also made 10 so-called angel investments into startups across food delivery and other sectors.
“This is something I’ve clearly enjoyed doing,” he said in an interview. “So I’ve actually been in the process of exploring the concept of building my own little fund.”
Buttress hasn’t formally committed to anything and said “it’s something I’m going to continue to think about.”
As a venture partner with 83North, Buttress has worked with companies such as Asian food delivery startup HungryPanda. He has personally backed companies including virtual restaurant brand Honest Food Company -- eventually acquired by Delivery Hero SE -- and Egyptian ordering service elmenus.
He uses his own capital for the investments, with individual checks of as much as $750,000 at a rate of about two deals a year, he said. Alongside focusing on areas such as consumer and food delivery, where he had experience, he’s also branched into health-tech.
His latest investment is MyJam, a grocery delivery startup, which raised $2.4 million from investors including Buttress, who will chair its board. He said he sees opportunity around grocery delivery for consumers who like to make frequent orders from shops with authentic produce.
Started in 2019 by Syrian founder Moe Ghashim, MyJam partners with neighborhood grocers and plans to grow its product range to more than 6,000 items. The average order size is 59 pounds ($74), Ghashim said in an interview.
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