Vietnam-based food service firm Foody Corporation, a portfolio company of Japan’s Cyberagent Ventures, on Tuesday announced that it has secured series B investment from Singapore consumer Internet company Garena.
The funding from this round will be used to accelerate growth in the number of users, content and to speed up the table booking and delivery service, as well as expand to other Southeast Asia countries, the company said in a statement. Foody also has a presence in Indonesia.
This is the third round of investment for the startup. In 2012, Foody raised a seed round from CyberAgent Ventures, which later (in 2013) co-invested in an undisclosed series A round together with Pix Vine Capital Investment, .
Ho Chi Minh City-headquartered Foody is currently operating www.foody.vn – a gourmet search and user review media, www.tablenow.vn – a table booking service, and www.deliverynow.vn – a food delivery platform.
Foody.vn was launched in August 2012 as an online gourmet search and review media. One month following the launch, the company acquired an older peer Vnnhahang.com.
Earlier this year, the startup added new categories into its website including travel, beauty, healthcare, shopping, education, and wedding service.
While its table booking service is available in three major cities of Vietnam: Hanoi, Da Nang and Ho Chi Minh City, the food delivery platform was launched in Ho Chi Minh City, and is in progress to make its way to the other two cities.
Less than three years after launching, Foody.vn has become a dominant player in the local market. As an online gourmet review media, it has more than 115,000 POIs (points of interest), 275,000 reviews, some eight million monthly visitors and 500,000 app downloads.
During Foody’s first funding round, Cyberagent Ventures’ head of Vietnam and Thailand, Dzung Nguyen, had said that the VC firm decided to invest and lead Foody to the leading position, as there was no clear market leader in the category then.