London-based HungryPanda, a food and grocery delivery company, announced that it has raised $130M (approx €115.35M) in its Series D round of funding. The company has raised $220M (approx €195.2M) over the last three years.
In 2020, the food delivery platform had raised funding in February (€16.7M) and again in November (€58.47M).
Investors in this round
The round was led by Perwyn, a family-backed private equity and growth capital investor. In addition, Kinnevik, Felix Capital, 83North, Piton Capital, Vintage, Burda Principal Investments, and debt provider Kreos Capital also participated in this round.
Andrew Wynn, Perwyn founder and managing partner, says, “HungryPanda has a deep understanding and extensive experience in targeting audiences with a more tailored experience than others can offer. We have been watching the team’s development in this space with great interest and are impressed by the speed and scale and of their success and growth in this area.”
Speaking on the growth, Eric Liu, founder and CEO of HungryPanda, adds, “We have achieved exceptional growth over the last four years. We now have the ability and experience to launch and operate in new cities in just two weeks and have established ourselves as the market leader due to our laser focus on developing the best service and providing high-quality products for our customers.”
Fund utilisation
HungryPanda says that the proceeds from this round will enable them to invest in growing its market share in the Asian food delivery space while exploring new business opportunities, expanding its market offering, and exploring strategic acquisition opportunities. This will be supported by investment in technology, business strategy, and talent.
Liu says, “This new round of investment is an affirmation of our past achievements and shall open a new chapter for the business to explore new opportunities and more spaces in lifestyle services for our customers.”
How was HungryPanda born?
The company was established in 2017 by founder and CEO Eric Liu, a computer science graduate from the University of Nottingham, who wanted to fix a problem he experienced first-hand – getting hold of authentic Chinese food on-demand and away from home. Started as a student project with a clear focus, the business is now witnessing huge growth.
In 2021, the company expanded to multiple new countries across Asia. Starting in Nottingham, the UK, it has expanded to more than 60 cities in 10 countries, including the UK, France, Italy, the US, Canada, Australia, New Zealand, Japan, South Korea and Singapore.
HungryPanda has also expanded its product offering to include Asian groceries to further expand its market opportunity under the Panda Fresh brand.
About HungryPanda
The London-based startup is a specialist food delivery platform providing authentic Chinese food and groceries to Chinese compatriots and students abroad.
HungryPanda’s vision is to become the global market leading platform that enables overseas Chinese business in the food industry and connects Chinese food to all consumers who enjoy it.
In 2021, the company launched its new business models, “PandaFresh”, a platform for Asian fresh food and grocery e-commerce, and “VouchersPanda”, a platform to provide new discounted ordering methods of online and offline lifestyle services for overseas Chinese.
Board members of HungryPanda have a wealth of industrial experience and insight. These include David Buttress, former CEO of food delivery giant Just Eat, Laurel Bowden, partner at 83North (investor in Just Eat and Wolt), Antoine Nussenbaum, partner at Felix Capital (investor in Deliveroo), and Akhil Chainwala, Investment Director at Kinnevik (investor in Oda and HelloFresh).
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