Beijing (PingWest)—HungryPanda, a food delivery service for overseas Chinese communities, announced today that it has raised $70 million. This round of financing was led by Kinnevik with participation from 83North, Felix Capital, Piton Capital and Burda Principle Investment.
The London-based company will use the new funds to continue its global expansion, providing authentic Chinese restaurant food and groceries to Chinese living abroad.
HungryPanda said its business is already profitable in the UK as well as other major cities, including NYC. The service is currently available in 47 cities across six countries.
The app was founded four years ago by Eric Liu, who was an international student in computer science at the University of Nottingham. Coming from China, although the city does have many Chinese restaurants, he and other Chinese students found it almost impossible to order meals from them, therefore he germinated this entrepreneurial idea.
HungryPanda raised $20 million in February of this year. At the time, Liu said that the US was “strategically important” and would be the company’s focus for 2020.
However, HungryPanda is facing a robust competitor in the US. Chicago's Chowbus has a significant share of the Asian food delivery market in the country.
Founded in 2016, the US-based Asian food delivery upstart raised another $30 million in equity financing in October. So far, Chowbus has raised $68 million.