Vietnam-based gourmet media startup Foody Corporation, a portfolio company of Japan’s CyberAgent Ventures, has raised a series C investment round from the USbased venture capital company Tiger Global Management, the Japanese firm announced on Tuesday.
This is the first ever engagement of Tiger Global Management with a Vietnamese startup, and is the fourth round of investment for Foody, less than a month after the series B funding it raised from Singapore’s consumer internet company Garena.
The deal size was not disclosed.
Prior to series B round announced earlier in July, Foody had secured a seed round from CyberAgent Ventures, then series A from the same investor, followed by investment from Pix Vine Capital Investment.
The financing from this series C round will be used to accelerate growth of the startup’s users and contents, as well as to expand the table booking and delivery service that it has just launched.
“Foody is the number one company in the Vietnamese gourmet media industry while holding the leading position in Southeast Asia (SEA) in terms of traffic and users,” said Dzung Nguyen, CyberAgent Ventures’ head of Vietnam and Thailand.
“The Tiger Global Management’s investment into Foody has proved one thing that the world’s largest VCs are always willing to invest in Vietnam startups, as long as they show a success story of growth and regional expansion. In turn, local startups are completely open to the chances of becoming regional firms,” he told DEALSTREETASIA.
Nguyen believes that along with Indonesia, Vietnam has high potential, and will be an indispensable market for any companies that have a regional strategy.
Foody will expand into Indonesia as its first overseas expansion in SEA. The next target might be Malaysia and Indochina countries Laos and Cambodia.
In the near future, the American VC firm will support Foody with financial resources, then will potentially help it with long-term strategic development, Nguyen said.
Started in August 2012, the company has added new verticals into its website, including travel, beauty, healthcare, shopping, education, and wedding services. In addition, it is launching onePOS, a restaurant cloud management system for the small and medium businesses to help increase productivity.
Latest updates indicate that Foody.vn has reached 122,000 POIs (points of interest), 297,000 reviews, 650,000 app downloads, and around 9.1 million monthly visitors, in which almost 65 per cent traffic comes from mobile.