HungryPanda, which makes a Mandarin-language app specifically targeting Chinese consumers outside of China, has raised $70 million to continue its global expansion in delivering food from Chinese restaurants and Asian grocery stores targeting the Chinese diaspora.
The Series C is being led by Kinnevik (a prolific backer of e-commerce startups), with participation also from 83North and Felix Capital (which backed HungryPanda in its last round of $20 million earlier this year), as well as Piton Capital and Burda Principal Investment.
The funding comes on the back of a surge of usage of HungryPanda . It is now live in 47 cities across Australia, Canada, France, New Zealand, and the UK the country where it is was founded. Growing some 30-fold in the last three years, HungryPanda’s CEO and founder Eric Liu said in an interview that it is already profitable in its earliest markets in the UK, as well as in New York City, and is safely en route to getting into the black in other locations, too
Estimates put the number of Chinese people living abroad (counting students and first-generation immigrants, and counting those living outside of the Mainland, Taiwan, Hong Kong and Macau) at around 50.
HungryPanda is a very different bird compared to these. For starters, the whole app is in Mandarin. And it focuses primarily (in most cases, only) on Chinese food. If you want pizza or a burger, or if you want to read the menu in English, go somewhere else.