HungryPanda has today announced a $130 Million Series D round to strengthen its position as the leading specialist online food delivery platform serving Asian restaurants and populations overseas. The London headquartered company has now raised $220 Million over the last three years to establish itself as the category leader globally.
Perwyn led the latest round, joining investors Kinnevik, Felix Capital, 83North, Piton Capital, Vintage, Burda Principal Investments and debt provider Kreos Capital.
HungryPanda was established in 2017 by Founder and CEO Eric Liu, a computer science graduate at the University of Nottingham who wanted to fix a problem he experienced first-hand, getting hold of authentic Chinese food on-demand away from home. Starting as a student project with a clear focus, the business has quickly grown into a global leader.
In 2021 HungryPanda continued its rapid expansion launching in multiple new countries across Asia. The company is now operating in more than 60 cities across the UK, the US, Australia, Canada, France, Italy, Japan, New Zealand, Singapore and South Korea. It has also expanded its product offering to include Asian groceries, to further expand its market opportunity under the Panda Fresh brand.
HungryPanda will invest in growing its market share in the Asian food delivery space to cement its market leader position 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.
Eric Liu, Founder and CEO of HungryPanda, commented: “HungryPanda has 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.”
Liu continued: “We’re delighted to welcome Perwyn as our new investor and Board member, and are grateful for the continued support from our previous investors and new investors in this round, whose expertise has been invaluable in this phenomenal year of growth. 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.”
Andrew Wynn, Perwyn Founder and Managing Partner, added: “We are extremely pleased to have been able to lead the investment of HungryPanda, as we see the huge potential in this category. HungryPanda has a deep understanding and extensive experience in targeting audiences with a more tailored experience than others can offer. We have been watching Eric and his team’s development in this space with great interest and are impressed by the outstanding speed and scale and of their success and growth in this area. We are looking forward to working with the HungryPanda team to expand across services, regions and audiences.”
Board members of HungryPanda have a wealth of industrial experience and unique insight, including 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).
Perwyn’s deal team consisted of Andrew Wynn, Ravi Sharma, Mark Deed, and Mike Rothwell.
Perwyn was advised by Oakley Advisory (corporate finance), PwC Strategy& (commercial diligence), Grant Thornton (financial and tax diligence), Cloud Origin (tech diligence), and Omnicommerce (data analytics) and Womble Bond Dickinson (legal).
Founded in 2017, HungryPanda is currently the largest overseas Asian food delivery platform. 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.
In 2021, HungryPanda 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. Besides, HungryPanda is awarded in the Deloitte 2021 UK Technology Fast 50, making the company the only food delivery platform in the ranking.