HungryPanda, a specialist online ordering platform for Chinese customers living abroad, has raised $70m (£53m) in funding.
The Series C funding will allow the firm to accelerate its growth through an expanding product offering and extending its technology capabilities, according to its advisor Arma Partners.
Headquartered in London, the firm was launched in 2017 by Founder 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.
The business has grown 30x in three years with a 500-person strong team operating in 6 countries across the world. It is already profitable in the UK and other major cities such as New York, according to lead investor Kinnevik.
Kinnevik joins previous investors 83North and Felix Capital in the round, who between them have experience of building sector-leading platforms including Wolt, Deliveroo and Just Eat.
Other investors joining this round include Piton Capital, VNV Global and Burda Principal Investment.
Kinnevik CEO Georgi Ganev commented: “As digital adoption advances, we see an opportunity for community-oriented marketplaces that have a deeper understanding of targeted audiences and a more tailored product.
“We have been impressed by how Eric and team have leveraged their first-hand user empathy to rapidly scale HungryPanda while remaining capital efficient. We look forward to helping the team expand across products, regions and audiences.”