Myanmar delivery startup Food2U gets six-digit sum from Premium Distribution

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Food2U, Myanmar’s home-grown food delivery platform, has raised a six-digit investment from Premium Distribution, a distributor in retail, food services and non-food products, according to sources familiar with the development.

Premium Distribution is known to be backed by City Mart Holdings, Myanmar’s icon in the retail industry.

It imports and distributes products including brands like Nestle, Fontana, Cadbury, Ferrero and non-food items like Classics, Lock&Lock and Luminarc.

Premium Distribution has not responded to a DEALSTREETASIA query seeking confirmation of the development at the time of publishing this article.

The investment is said to have closed in April. The post-money valuation of the startup, founded in early 2015, is said to be in the region of over $2 million.

Food2U is led by founder and managing director Kyaw Myo Thet, whose background is software engineering.

In May last year, Food2U raised a six-digit amount from individual investors comprising Zin Linn Aung, Ko Ko Gyi and iMyanmarHouse.com founder, Nay Min Thu.

Food2U, which had achieved a run rate of handling about 5000 deliveries per month last year, has expanded its services beyond Yangon to Mandalay and Taunggyi.

Food2U is also known to have forged a partnership with Pizza Hut in Myanmar, a joint venture between Pizza Hut Myanmar, City Mart Holding and Jardine Restaurant Group.

In Myanmar, Food2U competes with online food delivery service YangonDoor2Door. The market has also seen another entrant, Shwe Bite, born out of Phandeeyar Innovation Lab’s accelerator Cohort 2. Shwe Bite delivers home-cooked food, empowering women and homemakers to earn extra income.

Also Read:

Myanmar’s Food2U gets six-digit funding from local individuals

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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.

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

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  • 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. 
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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.