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Foodpanda chews down $20-million in funding, targets 40 new markets
Foodpanda and its affiliated brand, Hellofood, have received US$20-million in funding from a group of investors including Phenomen Ventures. This comes after it secured more than US$20-million in funding from Phenomen Ventures and Investment AB Kinnevik last year.
Since launch in 2012, Foodpanda gives customers the ability to conveniently choose their favourite meal online which it then delivers to their doorsteps. This online marketplace for food in turn helps drive traffic to restaurants.
Last year, the Rocket Internet-backed brand expanded to 20 more countries and successfully launched a mobile app for iOS and Android.
Foodpanda currently cooperates with more than 22 000 restaurants across the globe and its appetite seems to be getting whetter.
The Panda is growing fatter by the day and aims to continue doing so as it aims to roll out to over 40 new markets by the end of 2014’s first quarter. More specifically, Foodpanda is expanding its services into countries including Croatia, Bulgaria, Serbia, Slovenia, Kazakhstan, Azerbaijan, Tanzania and Uganda in early 2014.
Ralf Wenzel, co-founder and Global Managing Director of Foodpanda/Hellofood said:
“We are currently the most globally prominent online marketplace for food delivery, active and rising in Asia, Europe, Latin America, the Middle East and Africa. Having acquired the trust from experienced investors we will be able to continue our growth strategy to become a truly global internet brand.”
Wenzel has also said that apart from increasing its footprint, the company is also investing internally:
“Further to this, we will push our expansion within our existing markets, to gain presence at every corner of every country we are active in. We continue to invest in customer service, creating the most convenient way to order food — no matter where you are.”
Since its launch less than two years ago, the company has been known for its grand appetite and has seen competition growing stiff. Current competitors include Berlin-based Delivery Hero and the UK’s Just-Eat.
