La Nevera Roja

La Nevera Roja, translated as "The Red Fridge," was a Spanish e-commerce entity established in Madrid in 2011. The company was the brainchild of two colleagues from Price Waterhouse Coopers, José del Barrio and Íñigo Juantegui. Their shared experience of frequently working late and facing limited options for food delivery sparked the idea for a consolidated online marketplace. Del Barrio, with a degree in Economics and Business Administration and a background at consulting firms like Accenture and PwC, paired with Juantegui to address this market gap.

The business operated as an online intermediary platform, connecting consumers with a wide network of local restaurants for food delivery and takeaway services. Through its website and mobile application, users could browse restaurants in their area, filter by cuisine type, price, or user ratings, and place orders with options for online or cash payment. La Nevera Roja's revenue model was based on acting as an aggregator, taking a commission from the restaurants for the orders facilitated through its platform. By its peak, the platform had aggregated 7,000 restaurants across more than 600 Spanish cities, offering over 30 types of international cuisine.

The company's growth trajectory was marked by significant funding rounds, raising close to €14.4M from investors including business angels, Next Chance Invest, and a notable media-for-equity deal with Mediaset. This strategic partnership, exchanging advertising space for company shares, greatly amplified its brand awareness. In February 2015, in a major exit for the Spanish startup scene, Germany-based Rocket Internet acquired La Nevera Roja for a reported €80 million. Following the acquisition, the founders departed to pursue new ventures, with del Barrio establishing the venture capital fund Samaipata Ventures. A new CEO, Íñigo Amoribieta, formerly of Groupon Spain, was appointed to lead the company under its new ownership. However, Rocket Internet's ownership was short-lived. After discovering the high sales figures were heavily reliant on aggressive discount couponing, a change in strategy led to a sharp drop in sales. Consequently, in April 2016, Rocket Internet sold La Nevera Roja to its main competitor, Just Eat, as part of a €125 million deal that also included other international food delivery assets.

Keywords: food delivery, online marketplace, e-commerce, restaurant aggregator, startup exit, Rocket Internet, Just Eat, media for equity, Spanish startup, acquisition