£15.5m funding for HungryPanda
HungryPanda has secured £15.5m funding.
The online food delivery service, which focuses on Asian restaurants and overseas Chinese populations, will feed global expansion with the new capital.
The funding round was led by 83North and Felix Capital.
Already operating profitably in the UK and New York, HungryPanda plans to launch in 18 cities in the US in 2020.
“The US is strategically important to us and it will be our primary focus in 2020,” said Eric Liu, CEO of HungryPanda.
“We bring global experience and expertise in this market, which has already made us the leader in a number of cities in the US, including New York where our order volume is almost four times more than the closest competitor.”
Founded in the UK in 2017, the company has grown fast and now operates in 31 cities across the UK, North America, ANZ and Europe. It employs over 300 people.
The new investment will allow the business to pursue ambitious plans to reach an annual run rate of $200 million by May 2020.
HungryPanda’s online ordering platform provides a tailored user experience to overseas Chinese users to help them overcome cultural and language barriers. It also enables Asian restaurants to connect with the right customers and provide an efficient delivery service.
HungryPanda joins 83North’s food delivery investment portfolio, which also includes well-known international brands such as Just Eat and Wolt.
Felix Capital also has existing investments in food delivery success stories including Deliveroo and Frichti.