Just Eat backer Index Ventures defends its shares sell-off
Index Ventures, one of Just Eat's major venture-capital investors, has defended selling shares in the online meals delivery firm.
Ben Holmes, a partner at Index who is also on Just Eat's board, argued that offloading shares in listed companies is "just us executing our business model".
Just Eat's early backers, also including Vitruvian Partners and Redpoint Ventures, have tended to sell shares after financial results.
Traditional investors are concerned this will restrict its share price growth.
"We're in the business of venture capital. Our job is to invest in the earliest stages," Holmes said.
Read More
"The reason we're selling is so we can return funds to our investors and they can invest in our next fund."
Index last sold shares in November, leaving it with an 8.3% stake currently worth £200 million.
The value of Just Eat has crashed this year amid concerns about increasing competition from delivery start-ups including Deliveroo, another company backed by Index.