Vietnam: ESP Capital leads $500k investment in local food recipe portal Cooky

Cooky, the Vietnamese food recipe portal, said it has raised $500,000 in a funding round led by existing backer ESP Capital.

Local venture firm Founders Capital and undisclosed angel investors also participated in the financing round, the company added.

The portal, founded in 2015, had received seed financing from Vietnamese homegrown VC firm ESP Capital in 2017.

“The latest investment will be used to enhance our offers, enlarge the user base and expand our operations,” said Vuong Nguyen, founder of Cooky.

The company said it has over 3 million visits per month, as well as 40,000 recipes on its online platform and more than 200 offline cooking tutorial sessions.

Cooky said it was targeting ‘the millennials’, who account for 33 per cent of Vietnam’s 100 million population, and were more inclined towards the do-it-yourself and online sharing lifestyles.

“The Cooky platform has grown rapidly as our expectation. We decided to invest in the company’s second round to support its growth in the coming time,” said Vy Le, CEO of ESP Capital.

Cooky further said that it plans to deepen its brand name through a series of initiatives, including organising more tutorial sessions, connecting users with celebrities and chefs and increasing online interaction between users.

ESP Capital, established in 2017, has $20 million in kitty to invest in Vietnamese early-stage startups. The firm is also targeting opportunities across Southeast Asia. It has funded 10 companies, including eight Vietnamese startups and two Singapore-based startups.

Founders Capital is domiciled in Singapore and has an office in Hanoi. It has backed Vietnamese startups including Netlink, Zmedia, Thethao247, Metub Network, Luxstay and Viralworks.

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