FoodPanda raises US$110mil in new funding round
By Digital News Asia March 12, 2015
- New funds allow focus on user experience and customer service
- Comes in the wake of an acquisition spree
ONLINE food delivery marketplace FoodPanda said it has secured a new round of funding worth US$110 million, from Rocket Internet AG as well as other existing and new investors.
According to a statement by Rocket Internet, it is participating with an investment of €37 million (US$39 million) in this funding round.
It is purchasing additional shares from existing shareholders and has received shares formerly held through Latam Internet Group through a share dividend, thus increasing its direct ownership stake in FoodPanda from below 50% to ca. 52%.
These transactions are subject to closing, Rocket Internet said.
“The new funding allows us to fully focus on user experience and customer service with the aim of completely disrupting the way people order food by establishing a real alternative to pizza flyers and phone calls,” said cofounder and chief executive officer Ralf Wenzel.
FoodPanda, which is active in 40 countries across five continents, said it has now raised more than US$200 million since its launch in 2012.
In early February, the company announced its acquisition of competitors in seven Asian countries, including Food Runner, which operates Room Service in Malaysia and Singapore, and City Delivery in the Philippines. This followed a similar acquisition spree in Europe.
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Acquisition spree: FoodPanda gobbles up Asian competitors, including Room Service
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Rocket Internet’s FoodPanda gets additional US$20mil
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