Rocket Internet’s food delivery platform Foodpanda has announced a new funding round of over $20m from AB Kinnevik, Russian-based VC Phenomen Ventures and Rocket Internet itself.
While the food-delivery service has already aggressively expanded to 27 countries in total, this is its first official funding round. It is also the first investment by Phenomen Ventures in a Rocket Internet company.
This year alone, the platform has expanded to 15 countries and launched an iOS and Android app. Foodpanda most recently took over its Hungarian competitor, Ételvitel KFT, and launched in Russia – a notoriously difficult market for foreign companies to enter.
In typical Rocket Internet style, Foodpanda is targeting emerging markets in its expansion. So far, Foodpanda and its affiliate brand Hellofood have rolled out to India, Indonesia, Malaysia, Pakistan, Singapore, Taiwan, Thailand, Vietnam, Ghana, Ivory Coast, Kenya, Morocco, Senegal, Nigeria, Russia, Argentina, Brazil, Chile, Colombia, Mexico, Peru, Hungary, Venezuela, Poland, Ukraine, Romania and Saudi Arabia. The company says it is already the market leader in many of these countries.
Commenting on the funding round, Ralf Wenzel, the managing director of Foodpanda, said: “Winning the trust from these well-known and experienced investors is a great achievement for such a young company…With the new capital we will make another huge step forward to further accelerated growth and optimized customer service.”
panda – flickr user tresspassers william
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