Perwyn leads $130Million Series D round to grow Asian Food delivery firm Hungry Panda
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 PandaFresh 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.”
Richard Hall, CloudOrigin CEO, commented: “We enjoyed the opportunity to work on assessing an innovative retail technology platform with global scale and tremendous growth prospects, where Mandarin is the primary language of User Experience”.
Perwyn was advised by Oakley Advisory (corporate finance), PwC Strategy& (commercial diligence), Grant Thornton (financial and tax diligence), CloudOrigin (tech diligence), and Omnicommerce (data analytics) and Womble Bond Dickinson (legal).
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