<article>Japanese corporate <a style="color: #000080;" href="http://dealstreetasia.com/tag/mitsui-co" target="_blank" rel="noopener noreferrer">Mitsui &amp; Co</a> has invested $3.5 million in a Series B round in Moscow-based food delivery startup Chefmarket.ru.</article>

Japanese corporate <a style="color: #000080;" href="http://dealstreetasia.com/tag/mitsui-co" target="_blank" rel="noopener noreferrer">Mitsui &amp; Co</a> has invested $3.5 million in a Series B round in Moscow-based food delivery startup Chefmarket.ru.
EWDN <a style="color: #000080;" href="http://www.ewdn.com/2016/06/30/mitsui-invests-in-russian-food-delivery-startup-chefmarket/" target="_blank" rel="noopener noreferrer">reports</a> that this latest investment followes Mitsui&#8217;s previous investment of a $1.5 million Series A round into Chefmarket in June 2016. According to data compiled by Crunchbase, Chefmarket.ru has raised $10.8 million in equity funding since inception.
The meal kit delivery service offers home delivery of food products and has a concept resembling its Western counterparts Blue Apron and Hello Fresh. It aims to grow its annual revenue to $100 million by 2018. Its subscription service permits customers to select three or five meals to be delivered weekly.
Yuichiro Hanawa, General Manager of Media Business Division, IT &amp; Communication Business Unit of Mitsui &amp; Co, said, “Mitsui has designated retail and services, including e-commerce and TV shopping, as one of its key domain, and is expanding its presence through various investments.&#8221;
&#8220;After a small initial investment in Chefmarket in 2016, we are very pleased with the company’s progress and happy to support again the company for further growth plans. We will work to enhance the corporate value of Chefmarket with strong prospects for the meal-kit market globally and particularly in Russia,” he adds.
Other services in Russia that Chefmarket.ru competes with include Domavkusnee.ru, Partiyaedi, and Elementaree.ru.
Currently, Cherfmarket operates in Moscow, Saint Petersburg and Nizhny Novgorod and claims to deliver over 100,000 meals per month, an increase from the 60,000 meals it delivered in the same period last year. in total every month, up from 60,000 one year ago.
According to founder and CEO Sergey Ashin, this traction has been built with minimal marketing, though the latest round will see a more aggressive marketing approach.
The company claims a market share of approximately 40 per cent Delivery Club, the Russian food delivery market has attracted much investor attention recently.
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Japanese corporate Mitsui & Co. has invested $3.5 million in Russian food delivery service Chefmarket.ru

Japan's Mitsui invests $3.5m in Russia's food-tech startup Chefmarket.ru

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Japan's Mitsui invests $3.5m in Russia's food-tech startup Chefmarket.ru

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