Rocket Internet’s online food ordering service – foodpanda group – revealed Friday that it had raised an additional $110 million led by Goldman Sachs. This comes within 50 days of the company’s previous funding round where it had raised $110 million from Rocket Internet AG, as well as other existing and new investors.
The latest deal will also see Goldman Sachs Investment Partners will join the advisory board of foodpanda.
foodpada, which had been on a major acquisitions spree this calendar year, especially in February, when it snapped up competitors across the world, has now raised a total over $310 million since its launch in 2012.
After acquiring key competitors in India, Mexico, Russia, Brazil, Eastern Europe and South-East Asia, the company said it will use the recent investment to further expand its own delivery activities and improve overall customer experience across its 40 markets.
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“Last-mile delivery has been part of foodpanda’s operations since the beginning, it will now accelerate its efforts to drive customer satisfaction, aiming to offer the most convenient way of ordering food – from the mobile app and online,” the company said in a statement.
Ralf Wenzel, Co-Founder and CEO of foodpanda group, said: “We are very happy about the recent support from Goldman Sachs Investment Partners, with its deep expertise in online marketplaces, and which, together with our renowned group of investors, will allow us to build the leading mobile food delivery marketplace in Emerging Markets targeting over 3 billion consumers. The Emerging Markets represent the largest opportunity in online food delivery and we are committed to create the most convenient way for ordering and delivering food.”
During its earlier funding round in March, where foodpanda had secured $110 million, its parent Rocket Internet had contributed $39.2 million of this and had also purchased shares from existing shareholders in addition to receiving shares formerly held through Latam Internet Group via a share dividend. This has taken the Berlin-based company’s direct ownership in the global food delivery to 52 per cent (from almost 50 per cent earlier). It is not know what Rocket Internet’s stake will be after the latest funding round led by Goldman Sachs.
Currently, Foodpanda has partnered with more than 45,000 restaurants across 40 countries, being a market leader in 32 of those countries.
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