foody

Vietnam-based startup Foody Corporation has today announced raising its Series C round of investment from US-based venture capital firm Tiger Global Management. The amount has not been disclosed.

This piece of news comes shortly after Foody Corporation announced closing its “seven-digit” Series B round led by Singaporean Internet company Garena earlier this month.

It first secured early-stage funding from Japan-based venture firm CyberAgent Ventures in November 2012 and another injection of funds from Singapore’s Pix Vine Capital in 2013.

Foody Corporation was first founded in 2012 to run Foody.vn, a gourmet search and user review site for restaurants. Earlier this year, it has also set up Tablenow.vn, a table-booking service, and Deliverynow.vn, a food delivery platform in the Southeast Asian country.

tablenow

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According to a press release, the company claims that Foody.vn has reached 122,000 points of interest (restaurant listings), 297,000 reviews, 1.66 million photos, 2.12 million collections, 650,000 app downloads and 9.1 million monthly visitors, which include 5.9 million mobile users.

Led by CEO and President Minh Dang, Foody Corporation will use its Series C round to help it expand into Southeast Asia, starting with the region’s biggest country Indonesia, acquire more users and content, develop e-commerce and management solutions for local businesses, and build better products.

The company has launched its gourmet search and user review site in Indonesia with a localised website (Foody.id), and mobile apps for iOS and Android devices.

In Indonesia, market leaders in the online food review space include Zomato and Qraved. The former is an India-based company founded in July 2008 which has raised massive amounts in funding, while the latter is a home-grown Indonesian startup founded in 2013.

Dang told this author that the biggest challenge faced by Foody Corporation at the moment is to understand how locals in other Southeast Asian countries behave. “I mean make the service just like what we do in vn (Vietnam). Not TripAdvisor, not Foursquare.”

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As a founding investor, Dzung Nguyen, Head of Vietnam and Thailand, CyberAgent Ventures, saw the company grow from just founders and no employees to operating three services with around 150 employees at once. He told e27, “… We see the founders have a big vision, to challenge the SEA (Southeast Asia) market after became No. 1 in Vietnam. And we are together with the founders, doing the job. But in the big market, we need more partners (to) help us, that is why we bring Garena and Tiger Global … to help realise our vision.”

Going forward, Foody is launching its fourth service — onePOS, a restaurant cloud management system for small and medium businesses — as it builds a mighty conglomerate of food and restaurant-related services for Vietnam and beyond.