HungryPanda, online food delivery platform serving Asian restaurants and overseas Chinese populations, has received a $20 million investment from 83North and Felix Capital.
With this funding, HungryPanda will pursue its ambitious goal to reach an annual run rate of $200M (£154M) by May 2020. The company is already profitable in the UK and New York City, and with this investment plans to expand its activity in 18 US cities this year.
Founded in the UK in 2017, the company has grown rapidly and now operates in 31 cities across the UK, North America, Australia, New Zealand and Europe and employs over 300 people.
“The US is strategically important to us and it will be our primary focus in 2020.” - Eric Liu, CEO, HungryPanda.
Food delivery is a competitive sector in the UK and other major markets, but HungryPanda could free up space for its own niche by differentiating itself from its main competitors UberEats, Deliveroo and FoodPanda.
To reinforce its competitiveness, HungryPanda localised its platform for Chinese-language users, including business owners, and focuses on Chinese food and grocery deliveries. Additionally, it accepts payment services like Alipay and WeChat Pay and uses WeChat as part of its marketing efforts.
