Sydney, Dec 17: An Australian-based food chain HungryPanda has raised $130 million to strengthen its position as the leading specialist online food delivery platform serving Asian restaurants and populations overseas.
This latest round of fundraising sees HungryPanda reach $220 million in funds raised over the last three years as it seeks to establish itself as the category leader globally.
The funds raised will be used to develop the service it provides in existing markets and to further expand other operations such as ‘PandaFresh,’ the fresh food and groceries arm of the business which delivers to customers in under two hours.
HungryPanda has already acquired Buy@Home, a delivery platform which delivers Asian food and groceries in the Australian and New Zealand markets.
This acquisition is one of what will be a number of strategic acquisitions next year that will further cement Hungry Pandas foothold as a leader in the marketspace.
Perwyn, a family-backed private equity and growth capital investor led the latest round, joining investors Kinnevik, Felix Capital, 83North, Piton Capital, Vintage, Burda Principal Investments and debt provider Kreos Capital.
HungryPanda was established in 2017 by 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.
Starting as a student project with a clear focus, the business has quickly grown into a global leader.
This year, HungryPanda continued its rapid expansion launching in multiple new countries across Asia.
The company is now operating in more than 60 cities across the UK, the US, Australia, Canada, France, Italy, Japan, New Zealand, Singapore and South Korea.
It has also expanded its product offering to include Asian groceries, to further expand its market opportunity under the Panda Fresh brand.
HungryPanda will invest in growing its market share in the Asian food delivery space to cement its market leader position while exploring new business opportunities, expanding its market offering and exploring strategic acquisition opportunities.
This will be supported by investment in technology, business strategy and talent.
“HungryPanda has achieved exceptional growth over the last four years,” Liu said.
“We now have the ability and experience to launch and operate 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 and providing high-quality products for our customers.”
“We’re delighted to welcome Perwyn as our new investor and board member, and are grateful for the continued support from our previous investors and new investors in this round, whose expertise has been invaluable in this phenomenal year of growth.
“This new round of investment is an affirmation of our past achievements and shall open a new chapter for the business to explore new opportunities and more spaces in lifestyle services for our customers.”
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