Bonapp & Munch Merge to Lead CEE in Food Waste Prevention

Early Game Ventures, an investment fund from Romania and among the most active VC funds in Central and Eastern Europe, according to Vestbee and ROPEA, announces a transaction within Early Game Fund I.

Bonapp.eco, the local startup active in the field of preventing food waste and which has been part of the Early Game Fund I portfolio since 2021, announced today the merger with Munch, the industry leader in CEE, the entity created through the merger would thus strengthen its position as a European player.

The company now brings together a team of almost 100 members and generated total revenues of EUR 7.5 million in 2024.

Kirill Perepelica, Co-Founder of Munch, highlighted the transformative impact of this merger: “Romania is one of the largest and most dynamic markets in Central and Eastern Europe, making it a strategic priority for us. Bonapp has built a strong brand in this vibrant country, collaborating with renowned partners such as PENNY and Starbucks. In addition, the extensive network of the Bonapp team in the region opens up extraordinary opportunities for our expansion in Europe. We are excited to join forces and grow this business together.”

Luka Zivkovic, Co-Founder of Bonapp, added: “Entrepreneurs with the same vision join forces! Munch and Bonapp share very similar cultures. By combining Bonapp’s deep local expertise with Munch’s proven success in the region, we create the ideal foundation for accelerated growth. This partnership proves that in the world of growing companies, the whole can truly be greater than the sum of its parts.”

The merger combines Munch’s European leadership in three countries with Bonapp’s strong market position in Romania, resulting in a unified platform with over 3.5 million app downloads and a total of 6,000 partner locations.

Both Munch and Bonapp have a common mission: to connect consumers with HoReCa and retailers offering surplus food at significant discounts.

Grégoire Vigroux, Co-Founder of Bonapp, highlighted the far-reaching impact of their work: “Munch and Bonapp share a commitment to pursuing profits with purpose, growth with impact and prosperity with sustainability. Together, we provide households with affordable food in the context of rising inflation, help retailers reduce waste and contribute to a healthier planet. Now, more than ever, our solution delivers a triple win—a win for consumers, a win for retailers and a win for the environment.”

Early Game Ventures will remain a shareholder in the new entity.

“The alliance with a major leader at a time when the field of fighting food waste is going through a period of consolidation is very good news for both Bonapp and the startup ecosystem in Romania. We are happy to remain shareholders in the company that will certainly become a very strong player in this field,” said Cristian Munteanu, Managing Partner of Early Game Ventures. The fund participated in the seed financing round announced by Bonapp.eco in early 2022, just two months after the launch of the application.

In the coming weeks, Bonapp and Munch will integrate their platforms, teams, and operations, creating a seamless experience for users and partners. Together, the founders plan to expand into new markets in 2025, including Bulgaria, Croatia, Greece, Serbia, and Slovenia, while strengthening partnerships with retailers and improving the mobile app to provide a better user experience.

Bonapp.eco was launched in November 2021 by Grégoire Vigroux, Diego Roy de Lachaise, and Luka Zivkovic and immediately raised an investment round of 800,000 euros.

Munch was founded in 2020 by entrepreneurs Botond Zsoldos, Bence Zwecker, Albert Wettstein, and Kirill Perepelica, and became a leader in Central and Eastern Europe in the field of applications for fighting food waste. In December 2023, the company announced a Series A investment round led by Piton Capital, with participation from FJ Labs and Christopher Muhr, the co-founder of Groupon.

According to European Union statistics, approximately 2.55 million tons of food are thrown away annually in Romania.

Restaurants, bakeries, grocery stores, and hotels use Bonapp and Munch to market unsold, high-quality food at reduced prices, thus combating food waste.

“Our role as a fund in the lives of the companies we invest in is not only to provide them with financing or participate in syndicated rounds but also to subsequently support them to take the most appropriate steps towards another chapter in their lives. We are happy to continue to be part of the next stage of the combined Bonapp-Munch business,” adds Cristian Munteanu, Managing Partner of Early Game Ventures.

Early Game invested in 28 companies from its first fund between 2019 and 2023. In April 2024, the Early Game Fund II was launched with a total value of 60 million euros, seeking the most innovative early-stage technology startups in Romania and CEE. So far, four investments have been made from the new fund in cybersecurity, AI, and health tech startups.