Ukrainian startup Allset raised $8.25M

Ukrainian startup Allset raised $8.25M

Ukrainian startup Allset, founded by Stas Matviyenko and Anna Polishchuk, raised an $8.25 Series B round, as reported by TechCrunch.

EBRD (European Bank for Reconstruction and Development) led the financing round, with participation from Andreessen Horowitz, Greycroft, SMRK VC Fund, and Inovo Venture Partners.

The new round brought the company’s total funding to $16.6 million.

Allset is a food pre-ordering service where you also can get dishes recommendations in a particular restaurant.

Due to the coronavirus pandemic, the company has extended the features of the product. Now, restaurants can offer no-contact pickup of an order through the platform. Allset charges each restaurant offering this option a 12 percent commission. For users, on the contrary, it gives a daily $4 discount for takeout orders.

According to Matviyenko, the initial goal was to raise $12+ million. But when the negotiations were at the final stage, the U.S. began to implement strict social distancing measures (due to this situation, a lot of restaurant business in several cities were under challenge), and “a few investors just disappeared.”

Matviyenko said that orders dropped by around 60 percent after the quarantine has been enforced. However, Allset signed up new partners in areas away from the city center (previously the company focused on restaurants in the city center), thus returning 10 percent of losses.

According to the CEO of the startup, Allset has added more than 200 new partners.

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