Institutional investors and regional family offices from Malaysia, Korea and Hong Kong have led a Series B round of funding of about $15 million for Huy Vietnam Group Limited, the largest restaurant chain, almost a year after the company received $3.5 million in the Series A financing.
The PE firms that participated in this round of funding include Asian investment firms, AIF Capital Asia IV, L.P. (AIF Capital) and Fortress Capital Asset Management (M) Sdn Bhd (Fortress Capital).
Huy Vietnam, in a statement said it plans use this round of funding to enhance the visibility, presence and reach of its three brands – Mon Hue, Com Express and Pho Ong Hung – over the next two years, and also expand operations to the country’s capital Hanoi.
The company has built a network of 40 outlets across the three brands, since it launched in 2007, and claims its unique selling point to be its authentic local Vietnamese cuisines in a modern and comfortable environment. It is also the country’s first international and professionally managed restaurant chain.
The restaurant chain’s co-founder, chairman and CEO Ky Huy said the financing would help its three brands ‘capture significant market share in both Ho Chi Minh City and Hanoi’.
The restaurant business in Vietnam has seen a boost as its trend growth rate across the last decade has been at around 7%, resulting in surge in the number of people eating out.
Photo – freedigitalphotos.net