HungryPanda raises USD 130m in Series D round

The London-headquartered company has now raised USD 220m over the last three years, according to a statement. 83North and Felix Capital led a USD 20m round for the online food delivery platform in early 2020, and were the only investors in that round. 

Kinnevik led a USD 70m Series C later in 2020. New investors Piton Capital, Burda Principal Investments and VNV Global, as well as previous investors 83North and Felix Capital, joined that round.

HungryPanda said it will invest in growing its market share in the Asian food delivery space, while also aiming to expand its market offering and explore strategic acquisition opportunities.

From Just-Eat to Deliveroo, takeaway delivery startups have historically been a magnet for VC capital. More recently, the hype has been focused on grocery delivery platforms – a segment that HungryPanda has also diversified into – with round sizes and valuation jumps dwarfing those seen for earlier entrants in the food delivery market.

In early December, Germany-based grocery delivery startup Flink raised USD 750m in a Series B funding round led by DoorDash and valuing the business at USD 2.85bn. 

Gorillas, a Germany-based grocery delivery startup, raised nearly USD 1bn in a Series C round led by food delivery platform Delivery Hero in October. The new funding was secured at a pre-money valuation of USD 2.1bn. It came just seven months after Gorillas raised USD 290m in its Series B.

Getir, the Turkey-based developer of a groceries delivery app, raised USD 550m in a Series D funding round co-led by Sequoia Capital and Tiger Global in June. The round also saw participation from Silver Lake, DisruptAD, and Mubadala. Getir has been attracting capital at a rapid pace, like Flink and Gorillas; the Series D reportedly led to the company's valuation tripling to around USD 7.6bn, and was preceded by a USD 300m Series C last March.

Other notable deals in the space in the past year include Czech online supermarket Rohlik.cz., UK-based Dija, Netherlands-based Crisp, and France-based grocery delivery service Cajoo.

Meanwhile, pioneer Deliveroo had a well-documented rocky start when it finally went public earlier this year. The company's share price fell by more than 25% on its March market debut on the London Stock Exchange. Its share price steadily recovered between late June and mid-August, but has fallen again since. It currently sits at around 219 pence per share, equating to a -43% drop against the offer price.

Company
HungryPanda was established in 2017 and is an online food delivery platform focusing on Asian restaurants. 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 under the Panda Fresh brand.

People
HungryPanda – Eric Liu (founder, CEO).
Perwyn – Andrew Wynn (founder, managing partner).

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• Topics
• Expansion
• Technology
• Consumer
• UK / Ireland
• Venture
• Kinnevik
• Felix Capital