In 2020, food delivery startups in Southeast Asia — including restaurant tech firms and cloud kitchens — raised at least $2.75 billion from 17 deals. This was a third of the total $8.6 billion raised by startups last year. Besides Grab and Gojek, startups such as Malaysia’s dahmakan, which raised $18 million, and Indonesia’s Yummy Corp, which raised $12 million, also attracted investors.
In Q1 2021, there were six deals that raised a combined $2.004 billion, including Grab’s $2 billion debt facility. Other fundraisers in the quarter included OrderEZ, and Easy Eats of Singapore.
New entrants continue to enter the sector, unfazed by the presence of formidable rivals such as GoTo and Grab that are also increasing their focus on their delivery verticals.
Our latest report captures other latest trends in this booming sector, which has got a shot in the arm from COVID-induced lockdowns and movement restrictions.