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News  21, Nov 2012

CyberAgent Ventures invests in Vietnam food review site Foody.vn

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CyberAgent Ventures has just announced their investment in Vietnam-based Food Corporation, an online gourmet search and review site.

CyberAgent Ventures is the venture capital arm of Tokyo-based CyberAgent, Inc., and is expanding its business in the South East Asian market. The investment is made through CA Asia Internet Fund I, L.P., a venture capital fund specialized in the South East Asian market.

According to the official announcement, Foody.vn was launched in August this year, and is currently the fastest-growing food review site in Vietnam. In a short period of three months after launching, Foody.vn has reached over 10,000 restaurant listings with over 5,000 reviews.

The fund will be used primarily to facilitate further growth of its users and content. The official announcement also highlights the potential of food-based applications in the country.

“As there is a void for this type of media in Vietnam and successful business models have been executed off by existing gourmet searching & user-review media in Japan and China, CyberAgent Ventures believes that Foody has strong potential to become the leading media in such kind of content in Vietnam and will take advantage of CyberAgent Inc.’s wide network of resources to enhance the company’s growth and value.”

The food review sites are really active in the region recently:

  • In Thailand, Wongnai is dominating the food review site with an amazing growth of over 400% this year alone.
  • Singapore also seen its own food review site HungryGoWhere recently exited to SingTel for S$12 Million.
  • In the similar space, Taiwan’s food recipe social sharing network iCook also received an investment by the same VC arm CyberAgent three weeks back.
  • In Japan, food sharing app SnapDi.sh just closed their funding round with Digital Garage earlier this week.
  • Back in Vietnam, too, MJ Group recently acquired Orderfood.vn (now Hungry.vn), adding onto its existing portfolio of Nhommua.com and Diadiem.com, among others.
  • Singapore also saw Dealguru, the company behind Deal.com.sg and one of Singapore’s largest group buying sites, acquiring Asian Room Service, which runs Room Service Deliveries.

Looks like investors and venture capitalists are actively snapping up food review portals and food social sharing networks around the region. So, who’s next? And what do the investors know that we do not know?

Jacky Yap

Jacky Yap

Having spent one year abroad in Shanghai under the NUS Overseas College Programme, Jacky has an avid interest in entrepreneurship and web based startups. Jacky used to run N-House, Singapore's first entrepreneurial themed residence in NUS, and was also part of the organizing team for Startup Weekend Singapore 2012. You can reach him at jacky [at] e27 [dot] co

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