Take Eat Easy

What did it do?

Take Eat Easy was an online ordering and delivery platform that took restaurant orders to customers by bicycle courier. Founded in Brussels, the company spread to 20 cities across Belgium, France, the United Kingdom and Spain.

Why did it shut down?

The company grew rapidly, but according to its founders its revenue was not yet covering its costs. In the search for a Series C that began in October 2015, 114 funds declined to invest by March 2016. A €30 million offer from a French state-owned logistics group was withdrawn at the end of a three-month due diligence process. Over the same period rivals such as Deliveroo, Foodora and UberEats were expanding aggressively in the market. On 26 July 2016 Take Eat Easy ceased operations and filed for judicial reorganisation.

The story

Take Eat Easy was founded in Brussels in 2013 by the siblings Adrien and Chloé Roose, together with Jean-Christophe Libbrecht and Karim Slaoui. The idea was to get restaurant orders to customers quickly by bicycle courier. The company opened in Paris in 2014, and France soon became its strongest market.

The growth was impressive. In 2015 the company raised a total of €16 million over two rounds. Rocket Internet took part in the April round, while the €10 million Series B in September was led by Eight Roads Ventures, with DN Capital and Piton Capital also joining. The team grew from 10 to 160 people, partner restaurants from 450 to 3,200 and customers from 30,000 to 350,000. For a year the company grew by more than 30 per cent a month, and it served 20 cities.

But according to the founders, revenue was still not covering costs and the company badly needed new capital. In the search for a Series C that began in October 2015, 114 funds said no by March 2016. Eventually a French state-owned logistics group made a €30 million investment offer, but the deal collapsed after three months of due diligence. Over the same period Deliveroo, Foodora and UberEats were growing fast in the market.

On 26 July 2016, just a week after celebrating its millionth order, Take Eat Easy ceased operations and filed for judicial reorganisation. CEO Adrien Roose wrote that over the previous eight weeks they had searched desperately for a way to keep the company alive, but none had materialised.

The legal consequences of the closure dragged on for years. In 2018 around a hundred former couriers, who had been treated as self-employed, applied in France for employee status, and according to their lawyers they won. In 2022 a trial began in Paris against the company and former CEO Roose over allegations of undeclared employment.

Lessons for founders

• If the contribution margin on each delivery does not cover the courier's cost, focus on fixing your unit economics rather than selling investors on your growth rate.
• In a funding plan that hinges on a single large strategic investor, have a plan B ready if due diligence drags on, and a realistic calculation of how long your cash will last.
• In models that treat couriers as self-employed, factor in employment-status risk from the start; Take Eat Easy's former couriers kept pursuing legal action in France even after the company closed.

Sources

1. European restaurant delivery startup Take Eat Easy ceases trading as it tries to find a buyer (TechCrunch, 2016-07-26)
2. Take Eat Easy files for bankruptcy (The Brussels Times)
3. European Premium Restaurant Delivery Service Take Eat Easy Closes €10M Series B (TechCrunch, 2015-09-01)
4. Process of Brussels company Take Eat Easy for undeclared work starts in Paris (Brussels Morning)

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