Chinese-focused food delivery app HungryPanda raises $70m

HungryPanda, a food delivery app that focuses on Chinese customers living abroad, has raised $70 million in its Series C funding round led by Swiss investment firm Kinnevik AB, according to an announcement.

Existing investors 83North and Felix Capital and other investors such as Piton Capital, VNV Global, and Burda Principal Investment also joined Kinnevic in the funding round.

The fresh capital will help HungryPanda, founded by Eric Lu in 2017, continue its global expansion as it seeks to widen its market share in the food delivery space, with a focus on providing specialist online ordering platform for Chinese customers living abroad.

“The investment also furthers Kinnevik’s food strategy and complements our existing investments by adding exposure to the out-of-home space, particularly popular with younger users, in addition to our existing investments in online grocers focused on at-home cooking,” Kinnevik CEO Georgi Ganev said.

The Academy for Cultural Diplomacy said there are about 40 million Chinese who are living outside mainland China, Hong Kong, Taiwan, and Macau. Most of these overseas Chinese are living in Southeast Asia.

The London-headquartered startup seeks to overcome cultural barriers by offering Chinese users with tailored user experience, including language and payment options.

HungryPanda was created to fix a problem that its founder experienced first-hand – getting hold of authentic Chinese food on-demand away from home. The business has quickly grown 30x in three years with a 500-person strong team operating in six countries across the world.

According to the announcement, HungryPanda is already profitable in the UK and other major cities such as New York. The startup joins a market that is expected to supersize to a hefty $200 billion by 2025, according to a Forbes estimate.

In China, Meituan Dianping is the unchallenged market leader with a 70-per cent share, while Grab and Gojek continue to lead the Southeast Asian market.

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.