HungryPanda, the Global Leader in Online Asian Food Delivery, Announces $70 Million Series C Round
- The latest investment follows a $20 Million round announced earlier this year
- The Series C round was led by Kinnevik, alongside new investors Piton Capital, BurdaPrincipal Investments, and VNV Global, and previous investors 83North and Felix Capital. The funding will be used to further scale its team and presence globally.
- HungryPanda is leading the specialised online Asian food delivery market and is now operating in 47 cities across six countries.
London, UK. 30th November 2020: HungryPanda has today announced a $70 Million Series C round to bolster its position as the leading specialist online food delivery platform serving Asian restaurants and Chinese populations overseas.
Swedish publicly listed growth investor Kinnevik led the latest round, joining new investors Piton Capital, BurdaPrincipal Investments, and VNV Global, and previous investors 83North and Felix Capital.
HungryPanda will invest in growing its market share in the US, Canada and Australia to cement its market leader position while exploring new business opportunities and expanding its market offering. This will be supported by investment in technology and talent with plans to double the team to 1,000.
In 2020 HungryPanda continued its fast expansion and is now operating in 47 cities across Australia, Canada, France, New Zealand, the UK and the US. Supported by strong unit economics, the business is already profitable in the UK and other major cities such as New York with a clear path to profitability in more locations.
HungryPanda was launched in 2017 by Founder Eric Liu, a computer science graduate at the University of Nottingham who wanted to fix a problem he experienced first-hand, getting hold of authentic Chinese food on-demand away from home. The business has quickly grown 30x in three years with a 500-person strong team operating across the world.
HungryPanda provides a specialist online ordering platform for Chinese customers living abroad. The user experience is tailored and helps overcome barriers such as culture and language. For Asian restaurants, it makes finding the right customers easier and provides an efficient delivery service.
Eric Liu, CEO and Founder of HungryPanda, commented,
“This has been an exceptional year of growth for HungryPanda. We can launch in new cities in just two weeks and have established ourselves as the market leader due to our laser focus on developing the best service for our customers and providing high-quality execution.”
“We’re delighted to have joined the Kinnevik family, and are grateful for the continued support of our previous investors, whose expertise has been invaluable in this phenomenal year of growth. The new investment further cements us as the leading specialist food delivery service for the Asian market overseas and will be used to double down in our existing markets.”
Georgi Ganev, CEO of Kinnevik, added,
“As digital adoption advances, we see an opportunity for community-oriented marketplaces that have a deeper understanding of targeted audiences and a more tailored product. We have been impressed by how Eric and team have leveraged their first-hand user empathy to rapidly scale HungryPanda while remaining capital efficient. We look forward to helping the team expand across products, regions and audiences.”
David Buttress, Board Director of HungryPanda said,
“The HungryPanda team continues to impress me. 2020 has been a formidable year for the company, which speaks volumes on the vision and execution of its leadership team, but also the appetite of its customers for this solution. There are unique opportunities in building solutions that don’t work for everyone. HungryPanda is in an incredible position as a global leader catering to its Chinese customers abroad using a tailored solution.”
For more information go to https://www.hungrypanda.co/
Notes to Editors
Arma Partners acted as exclusive financial adviser to HungryPanda in connection with this transaction.
Press Contacts: Cathy White, [email protected], +44 (0)7791 232834
HungryPanda is the global leader and specialist in online food delivery serving Asian restaurants and Chinese populations overseas. It serves customers in 47 cities across six countries to ensure they find authentic Asian food away from home.
HungryPanda is available to customers in Australia, Canada, France, New Zealand, the UK and US. Available to download from the App Store and Google Play.
83North is a global venture capital firm. The firm invests across all stages, in exceptional entrepreneurs focusing on building global category-leading companies. Founded in 2006, 83North is very focused, only investing in 5-6 companies per year and has led Seed, Series A or B rounds in 12 unicorns to date. 83North has a long history of investing in food & delivery businesses with JustEat (LSE:JE), Wolt, Via and Hungry Panda. More information: https://www.83north.com/
About BurdaPrincipal Investments
BurdaPrincipal Investments (BPI) is the international growth capital arm of media and tech company Hubert Burda Media. BPI supports fast-growing digital companies in the technology and media industry with long-term growth capital. BPI’s investment portfolio comprises successfulconsumer internet companies in Europe, the USA, and Asia such as Etsy, Skillshare, Vinted, Bloom & Wild, Notonthehighstreet, and Zilingo. BPI is committed to advocating and promoting diversity and inclusion within BPI and its portfolio companies.More information: https://www.burdaprincipalinvestments.com/
About Felix Capital
Felix Capital is a London-based venture capital firm for the Creative Class, operating at the intersection of technology and creativity. Felix focuses on digital lifestyle, investing in emerging digital consumer brands and related enabling-technologies. The firm’s mission is to be a partner of choice for entrepreneurs with big ideas and help them build strong brands that stand out and move the world forward.
Since its launch in 2015, Felix has raised over $600m for early-stage and growth. Illustrative investments in Europe and North America include Farfetch (NYSE:FTCH), an online marketplace for the fashion and luxury; Deliveroo, a global food delivery platform; Mirakl, a Saas platform for Marketplaces; Mejuri, a modern jewellery brand; Moonbug, a media platform for kids; VanMoof, a global e-bikes player; and Peloton (NASDAQ:PTON), a fitness technology and subscription service.
More information: http://www.felixcap.com/
Kinnevik is an industry-focused investment company with an entrepreneurial spirit. Our purpose is to make people’s lives better by providing more and better choices. In partnership with talented founders and management teams, we build challenger businesses that use disruptive technology to address material, everyday consumer needs. As active owners, we believe in delivering both shareholder and social value by building long-term sustainable businesses that contribute positively to society. We invest in Western Europe, the Nordics, the US, and selectively in other markets. In the US, we are significant shareholders in pioneering companies including Betterment, Cedar, Common, Teladoc and VillageMD. Kinnevik was founded in 1936 by the Stenbeck, Klingspor and von Horn families. Kinnevik’s shares are listed on Nasdaq Stockholm’s list for large-cap companies under the ticker codes KINV A and KINV B.
About Piton Capital
Piton Capital is a venture and growth equity fund based in London. It focuses on investments in online businesses with network effects, such as marketplaces, platforms, exchanges, data aggregation, UGC and social networks. Its investment team members have deep entrepreneurial and investment experience, and have been instrumental investors in Betfair and QXL Ricardo, amongst others. Piton’s portfolio includes companies like Auto1 Group, McMakler, DocPlanner, ManoMano, Fanduel (merged with Flutter Entertainment), MeilleursAgents (sold to Axel Springer), Watchfinder (sold to Richemont), Quandoo (sold to Recruit), Treatwell (sold to Wahanda), and DutyCalculator (sold to Borderfree).
About VNV Global
VNV Global is an investment company with the business concept of using experience, expertise and a widespread network to identify and invest in assets with considerable potential for value appreciation. The company has a special focus on online marketplaces and businesses with strong network effects. The common shares of VNV Global are listed on Nasdaq Stockholm, Mid Cap segment, with the ticker VNV. For more information on VNV Global, visit www.vnv.global.