Vietnam’s Foody grabs Series C funding from Tiger Global, to expand to Indonesia

Visual from Foody website

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.

Also read: Vietnam’s food service startup Foody raises Series B funding from Singapore’s Garena

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.

Its website for the Indonesia market will be officially launched on August 10, the same day as it is launching apps on Google play and Appstore.

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.

Foody currently operates www.foody.vn – a gourmet search and user review platform, www.tablenow.vn – a table booking service and www.deliverynow.vn – a food delivery platform in Vietnam.

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.

Related stories:

Cyberagent Ventures to launch $50m second Southeast Asia fund with focus on Indonesia

Cyberagent Ventures leads series A funding in Vietnam’s bus ticket platform Vexere.com

Vietnam-based price comparison platform Websosanh joins Korea’s YSM through share swap

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.