After eating up $20 million in venture funding earlier this year, HungryPanda loaded up with an additional $70 million, with Arma Partners acting as the exclusive financial advisor for the deal, according to a press release.
HungryPanda is an online food delivery platform that serves the restaurant business. The new financing, a Series C round, is aimed at “accelerating” the growth of the company, building up its technological base and offering new products, per the release.
The transaction highlights Arma’s “deep sector expertise in digital marketplaces and food technology,” Arma noted in the release.
Investors in the round include Piton Capital, VNV Global and BurdaPrincipal Investments, as well as existing investors 83North and Felix Capital.
Headquartered in London, HungryPanda operates in 47 cities across Australia, Canada, France, New Zealand, the U.K. and the U.S. The release said the company is “growing very fast … and is already profitable in London and other major cities such as New York.” HungryPanda serves Asian restaurants in those countries.
The $20 million funding round earlier this year was led by Felix Capital and 83North, according to a February press release.
“The U.S. is strategically important to us, and it will be our primary focus in 2020,” Eric Liu, CEO of HungryPanda, said at the time. “We bring global experience and expertise in this market.”
“This is an exciting time” for the specialized food-delivery market,” said David Buttress, independent non-executive board director of HungryPanda and former CEO of Just Eat. “People are demanding authentic cuisine and a tailored experience that fits with their cultural background.”
Liu said his goal was build up the business “to meet the huge levels of demand created by Chinese cuisine.”
The company had about 300 employees then, but was looking to expand. At the time, HungryPanda said it was already working “to secure its next funding round to support its longer-term vision.”
The latest financing caps that effort.