Cambodian VC firm OOCTANE scores first deal in food delivery startup Muuve

OOCTANE, a $55-million Cambodian venture capital fund, has made its first investment in local food delivery service Muuve, per an official announcement.

The value of the deal was not disclosed, but the VC firm said it was a “strategic investment” that will help Muuve expand to new cities in Cambodia and strengthen its current operations.

OOCTANE general partner Tapas Kuila will join the board of the startup.

Launched in 2018, Muuve claims to differentiate itself from other players in the country by crowdsourcing its delivery partners. The company currently offers more than 18,800 food items via a network of over 350 restaurant partners.

“We have been closely tracking Muuve’s progress over the past few months as well as the growth of the food delivery industry in Cambodia in general, and truly believe that their asset-light business model along with strong focus on profitable unit economics and great customer experience will continue to set them apart from the rest of the pack,” said Kuila.

OOCTANE closed its debut fund in late 2018 with a mandate to invest in Cambodia-connected technology-enabled businesses. The firm focuses on logistics, e-commerce, real estate and financial services verticals.

An associate with WorldBridge Group, one of Cambodia’s largest logistics companies, OOCTANE also advises on M&A deals for the group.

Cambodia lags other Southeast Asian countries in terms of the tech ecosystem development, but it has also seen the birth of a spate of local venture capital funds such as Smart Axiata Digital Innovation Fund, Negocia Ventures and OBOR Capital.

In March 2019, local media reports cited Cambodian Prime Minister Hun Sen that the country will set up an entrepreneurship fund with an annual capital of $5 million to spur up its digital economy.

Regional funds active in this market include Belt Road Capital Management and Emerging Markets Investment Advisers.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.