Three-year-old Vietnam-based food delivery startup Foody has raised undisclosed Series B funding from Garena, the consumer Internet platform provider based in Singapore and valued at more than US$1 billion.
While the company did not reveal the exact amount, it did tell e27 that it was “definitely seven digits dollars”. Its previous investment rounds (seed and Series A) came from CyberAgent Ventures and Pix Vine Capital Investment.
The main focus will now be on user growth, content and expanding into other Southeast Asian markets — markets where the likes of Rocket Internet-backed foodpanda lurks, carefully guarding its turf.
And no matter how big the seven-digit round Foody just raised may be, it will increasingly be competing with global players such as foodpanda that have hundreds of millions in the war chest. (US$310 million to be precise, in the case of foodpanda.)
Foody also operates table-booking service Table Now, as well as delivery service Delivery Now, and says it is adding new categories including travel, beauty, healthcare, shopping, education and wedding services this year.
Little Vietnam is growing up!
On the numbers front, Foody claims to have reached more than 115,000 POIs (points of interest), 275,000 reviews, 1.5 million photos, 1.9 million collections with about eight million monthly visitors, and 500,000 app downloads.
The likes of Singapore’s restaurant reservation app Chope, meanwhile, which just raised US$8 million and already operates in five key Asian cities (Singapore, Bangkok, Beijing, Shanghai and Hong Kong), will put up a fight to the table-booking side of Foody’s model. (Chope has also already launched its Apple Watch app.)
But what I like about this announcement, is that a once little startup from Ho Chi Minh City has some big regional plans and is not afraid to take on existing players who are already well established in markets that it needs to move into in order to grow and scale.
I hope this is just one of many bigger funding rounds we start to see coming out of the country. Vietnam represent!