- 24 February 2020
- Transport / Logistics Services
UK based Asian-focused food delivery platform HungryPanda has announced it it has won $20 million in funding from a group led by Laurel Bowden from 83North and Antoine Nussanbaum from Felix Capital.
The funds are to be used to accelerate the growth of its team, build technology innovation and most importantly accelerate its global expansion, with a strong focus on the US market.
HungryPanda was founded in the UK in 2017 and now operates in 31 cities across the UK, North America, ANZ and Europe. Currently the company has 300 staff, and is the global leader in this specialist marketplace with substantial presence across three continents.
The focus of the company is to provide a tailored user experience to overseas Chinese nationals, helping them overcome cultural and language barriers. HungryPanda also enables Asian restaurants to connect with the right customers and provide an efficient delivery service.
The investment is to help drive a turnover goal of $200 million annually by May this year. It is already profitable in the UK and New York, and has plans to launch in 18 US cities in 2020.
“The US is strategically important to us and it will be our primary focus in 2020,” said Eric Liu, CEO of HungryPanda.
“We bring global experience and expertise in this market, which has already made us the leader in a number of cities in the US, including New York where our order volume is almost four times more than the closest competitor.”
“This is an exciting time for this specialist market. People are demanding authentic cuisine and a tailored experience that fits with their cultural background. HungryPanda is the best team out there with vision, drive and most importantly effective execution to serve this market,” said David Buttress, independent non-executive board director of HungryPanda and former CEO of Just Eat.
“We are delighted to secure the backing of 83North and Felix Capital to bring our unique service to more people in more places,” explained Eric Liu. “Their unrivalled industry investment experience, coupled with our ability to focus on the precise needs of our customers and launch in each new city within a two-week window, means we are in an ideal position to significantly scale the business to meet the huge levels of demand created by Chinese cuisine.”