Ukrainian supermarket chain Silpo, part of the Fozzy Group of companies, has acquired the fruit and vegetable delivery service OVO, which was on the verge of shutdown at the time of the deal.
- Although the amount of the deal is not disclosed, Forbes Ukraine suggests it could be several hundred thousand dollars. According to several market players, the cost is equal to the amount of investment in the website and branding, i.e. approximately $500,000.
- Founded in 2020, OVO finds itself on the brink of survival after Russia started its full-scale invasion in Ukraine. Still, the startup has some potential that Silpo can use to improve its range and positioning in the fresh produce category. Experts believe that this acquisition could be an ideal platform for tests and improvements in the field of delivery, especially in the Fresh category — fresh vegetables and fruits.
- The supermarket chain could have also bought the startup to bring its team onboard, as they are trained in food delivery and can show results shortly.
In June 2021, AIN.Capital reported on OVO’s closure of $500,000 seed round from TA Ventures and other investors at a pre-money valuation of €3 million:
