HungryPanda, the Global Leader in Online Asian Food Delivery, Announces its ‘Series C’ Raise
HungryPanda announced a huge $70 Million Series C round to bolster its position as the leading specialist online food delivery platform serving Asian restaurants and Chinese populations overseas.
Headquartered in London, the UK, HungryPanda is a specialist food delivery platform to providing authentic Chinese food and groceries to Chinese compatriots and students abroad since its establishment in 2016.
With its business footprint in more than 60 major cities across the UK, France, Australia, New Zealand, the US, Canada and so on, HungryPanda is the global leader in delivering Chinese food and groceries with the extensive market coverage, high user traffic as well as high annual transaction volumes. The success is built upon a large vertical with specialised needs and underpinned by industry-leading operationas and proprietary technology.
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” Liu continues.
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.”