On Tuesday, Foody Corporation, Vietnam-based food service startup which is also a portfolio company of Japan’s Cyberagent Ventures, raised series B round of funding led by Singapore consumer Internet company Garena. The financial terms of the deal were not disclosed.
Founded in 2012, Foody Corporation is an array of food services that consists of foody.vn which is a gourmet search and user review media, www.tablenow.vn which is table booking service and www.deliverynow.vn which is delivery platform. The Ho Chi Minh City-headquartered company after its launch acquired its older peer Vnnhahang.com. Early this year, it added new categories like travel, beauty, healthcare, shopping, education and wedding service, in its website.
In less than three years, Foody.vn has become a major player in the local market. As an online gourmet review media, it has more than 115,000 POI (point of interest), 275,000 reviews, some eight million monthly visitors and 500,000 app downloads.
Reports suggest that Foody has raised a seven-figure in series B and plans to use the fund to improve and expand the existing food ecosystem of the company to a larger extent. It is looking forward to expand its Table Now and Delivery Now and increase the user base. The startup also has its presence in Indonesia. Founder Minh Dang said, “Foody is excited about this investment, and will continue build and improve products and services for people and local business!”
In 2013, Foody raised a seed round from CyberAgent Ventures which was then followed by a series A with CyberAgent and Pix Vine Capital, a firm based out of Singapore. At the time of the first funding round, CyberAgent Ventures’ head of Vietnam and Thailand, Dzung Nguyen, had revealed that the VC firm decided to invest and lead Foody because, “Vietnam is an essential market for any company regional. So a lot of investors are looking for the leading companies in Vietnam who can become a part of their regional strategy. That is why many big players are looking for leading startups or companies in Vietnam.”
This is why Foody is keen on becoming the top food platform in Vietnam and it has built hyperlocal strategies to cover the rest of Southeast Asia. Rather than designing one website with many languages, Foody is looking at building sites in each country which would be useful to hit the target market directly and have a better reach.