Global Asian Food Delivery Leader HungryPanda Secures $130 Million Series D Round

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  • HungryPanda is the leading Asian food delivery platform and is now operating in more than 60 cities across 10 countries.
  • The Series D round was led by Perwyn, alongside Kinnevik, 83North, Felix Capital, Piton Capital, Vintage, Burda Principal Investments and Kreos Capital.
  • The latest investment brings the total raised by the company to $220 Million and will be used to further enhance its business globally and pursue strategic acquisition opportunities.

LONDON, Dec. 17, 2021 /PRNewswire/ — HungryPanda has today announced a $130 Million Series D round to strengthen its position as the leading specialist online food delivery platform serving Asian restaurants and populations overseas. The London headquartered company has now raised $220 Million over the last three years to establish itself as the category leader globally. Perwyn, the family-backed private equity and growth capital investor led the latest round, joining investors Kinnevik, Felix Capital, 83North, Piton Capital, Vintage, Burda Principal Investments and debt provider Kreos Capital.

HungryPanda Rider
HungryPanda Rider

HungryPanda was established in 2017 by Founder and CEO Eric Liu, a computer science graduate at the University of Nottingham who wanted to fix a problem he experienced first-hand, getting hold of authentic Chinese food on-demand away from home. Starting as a student project with a clear focus, the business has quickly grown into a global leader.

In 2021 HungryPanda continued its rapid expansion launching in multiple new countries across Asia. The company is now operating in more than 60 cities across the UK, the US, Australia, Canada, France, Italy, Japan, New Zealand, Singapore and South Korea. It has also expanded its product offering to include Asian groceries, to further expand its market opportunity under the Panda Fresh brand.

HungryPanda will invest in growing its market share in the Asian food delivery space to cement its market leader position while exploring new business opportunities, expanding its market offering and exploring strategic acquisition opportunities. This will be supported by investment in technology, business strategy and talent.

Eric Liu, Founder and CEO of HungryPanda, commented, “HungryPanda has achieved exceptional growth over the last four years. We now have the ability and experience to launch and operate in new cities in just two weeks and have established ourselves as the market leader due to our laser focus on developing the best service and providing high-quality products for our customers.”

Liu continued, “We’re delighted to welcome Perwyn as our new investor and Board member, and are grateful for the continued support from our previous investors and new investors in this round, whose expertise has been invaluable in this phenomenal year of growth. This new round of investment is an affirmation of our past achievements and shall open a new chapter for the business to explore new opportunities and more spaces in lifestyle services for our customers.”

Andrew Wynn, Perwyn Founder and Managing Partner, added, “We are extremely pleased to have been able to lead the investment of HungryPanda, as we see the huge potential in this category. HungryPanda has a deep understanding and extensive experience in targeting audiences with a more tailored experience than others can offer. We have been watching Eric and his team’s development in this space with great interest and are impressed by the outstanding speed and scale and of their success and growth in this area. We are looking forward to working with the HungryPanda team to expand across services, regions and audiences.”

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Board members of HungryPanda have a wealth of industrial experience and unique insight, including David Buttress, former CEO of food delivery giant Just Eat; Laurel Bowden, partner at 83North (investor in Just Eat and Wolt); Antoine Nussenbaum, partner at Felix Capital (investor in Deliveroo); and Akhil Chainwala, Investment Director at Kinnevik (investor in Oda and HelloFresh).

For more information, please go to https://www.hungrypanda.co/

Press Contacts:

Kitty Lu, Director of Public Affairs, kitty.lu@hungrypandagroup.com 
Ricky Wang, Public Relations Manager, communication@hungrypanda.co 

About HungryPanda

Founded in 2017, HungryPanda is currently the largest overseas Asian food delivery platform. Starting in Nottingham, the UK, it has expanded to more than 60 cities in 10 countries, including the UK, France, Italy, the US, Canada, Australia, New Zealand, Japan, South Korea and Singapore.

In 2021, HungryPanda launched its new business models, “PandaFresh”, a platform for Asian fresh food and grocery e-commerce, and “VouchersPanda”, a platform to provide new discounted ordering methods of online and offline lifestyle services for overseas Chinese. Besides, HungryPanda is awarded in the Deloitte 2021 UK Technology Fast 50, making the company the only food delivery platform in the ranking.

About Perwyn

Founded in 2013, Perwyn is a family backed, international private and growth equity investor. Perwyn works closely with investee companies applying strategic and operational expertise in addition to providing capital. Perwyn is free from the usual private equity funding cycles, focusing above all on our investments rather than fund raising. We approach investment with an evergreen model and believe in genuine partnership with management teams, seeking to facilitate long term growth and development. There are two main focuses of our business. Perwyn Private Equity is an active lead investor, seeking buyout opportunities in established, growing, cash generative market leaders headquartered in the UK or Europe where it can make a material impact on growth and profitability. We invest in businesses with an EV of £/€50-300m, seeking partnership investment support for growth initiatives or transition. Perwyn Growth Capital invests in growing businesses across the same markets, with a passion for backing entrepreneurs and founders on their winning strategy. We seek primarily growth equity investments of £/€5m-100m.

About Kreos Capital 

Kreos Capital is the leading growth debt provider in Europe and Israel, backing high-growth companies through every stage of their life-cycle. Kreos targets investments in all areas of the Technology and Healthcare sectors and, to date, has committed in excess of €3.2 billion in more than 640 portfolio company transactions, across 17 countries. With over $1.5 billion in current funds under management Kreos can invest between €2 million and €100 million per transaction in both public and private companies across all stages.

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