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- HungryPanda
HungryPanda Valuation, Funding & Investors
HungryPanda is valued at $500M as of September 2024.
Last HungryPanda valuation
$500M
Series D · Sep 2024
Last HungryPanda funding round
$55M
Series D · Sep 2024
Cumulative funding HungryPanda raised
$275M
across 4 funding rounds
Key investors in HungryPanda
83North
Felix Capital
Kinnevik
Piton Capital
Burda Principal Investments
Perwyn
About HungryPanda
HungryPanda is a global food delivery platform specializing in Asian cuisine for overseas Chinese communities in over 60 cities across the UK, France, Australia, New Zealand, US, and Canada. The service provides Chinese groceries, restaurants, and one-stop retail via a user-preferred app interface and efficient logistics network. HungryPanda leads in transaction volumes and market coverage within its niche.
Founded
2017
HQ
Website
Status
Privately held
Customer focus
B2C
Revenue model
Commission
Valuation
$500M (Sep 2024)
HungryPanda Valuation
HungryPanda is currently valued at $500M, based on its Series D in September 2024.
The $55M round was led by Mars Growth Capital, with participation from Felix Capital, Perwyn, Kinnevik and 83North.
HungryPanda valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Sep 2024 | Series D | $500M |
HungryPanda Funding History
HungryPanda has raised a total of $275M across 4 funding rounds.
HungryPanda's first fundraising round was a $20M Series B in February 2020. The most recent completed round was a $55M Series D in September 2024.
HungryPanda funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Sep 2024 | Series D | Mars Growth Capital (lead); Felix Capital; Perwyn; Kinnevik; 83North | $55M | $500M | HungryPanda is the world's leading overseas Asian food delivery platform, founded in 2017, operating in over 80 cities across 10 countries, serving more than 6.5 million users in partnership with over 100,000 merchants, and targeting Asian diaspora communities with food and grocery delivery services. The company completed a $55 million refinancing and fundraise on September 30, 2024, led by Mars Growth Capital (a JV between Liquidity Group and MUFG), with participation from existing investors Perwyn, Kinnevik, 83North, and Felix Capital. This brings total funding raised to over $275 million across multiple rounds, including a $130 million Series D in 2021 for market expansion and M&A. The new capital will accelerate expansion, particularly into North America to serve broader minority ethnic communities, enhance services, invest in AI and machine learning for operations, pursue acquisitions, and expand into groceries while maintaining high standards for customers and delivery riders. In 2024, HungryPanda achieved profitability alongside over 30% annual growth, demonstrating resilience in the competitive food delivery sector. The post-money valuation reached nearly $500 million, up from around $289 million in 2020 per prior data. HungryPanda has carved a niche as a market leader by focusing on Asian cuisine ambassadorship and sustainable gig work, with investors highlighting its double-digit growth and strong positioning for the next phase of scaling globally. |
| Dec 2021 | Series D | Perwyn (lead); Kreos Capital; Vintage Investment Partners; Felix Capital; Piton Capital; Burda Principal Investments; Kinnevik; 83North | $130M | - | HungryPanda, founded in 2017 and headquartered in London, operates the leading specialist online food delivery platform serving Asian restaurants and overseas Asian populations, with expansions into groceries via PandaFresh and lifestyle services via VouchersPanda. By December 2021, it operated in over 60 cities across 10 countries including the UK, US, Australia, Canada, France, Italy, Japan, New Zealand, Singapore, and South Korea. The company announced a $130 million Series D funding round on December 17, 2021, led by Perwyn, with participation from Kinnevik, Felix Capital, 83North, Piton Capital, Vintage Investment Partners, Burda Principal Investments, and debt from Kreos Capital, bringing total funding over the prior three years to $220 million. The funds were earmarked to grow market share in Asian food delivery, explore new business opportunities, expand offerings, pursue strategic acquisitions, and invest in technology, strategy, and talent. Shortly after, in January 2022, HungryPanda acquired Australian platform EASI and New Zealand's BUY@HOME to strengthen local operations and restaurant coverage, positioning it as the Asian food delivery leader in those markets. CEO Eric Liu highlighted the company's rapid scalability, launching in new cities within two weeks, and its Deloitte 2021 UK Technology Fast 50 recognition as the sole food delivery platform listed. |
| Nov 2020 | Series C | Kinnevik (lead); VNV Global; Felix Capital; Piton Capital; Burda Principal Investments; 83North | $70M | - | HungryPanda is a food delivery platform focused on serving Chinese customers and communities living abroad, founded in 2017 by Eric Liu. The company provides a specialized online ordering system tailored to Chinese diaspora populations with language and payment options designed to overcome cultural barriers. HungryPanda had grown 30-fold in three years with a 500-person team operating across six countries including the UK, Australia, Canada, France, and New Zealand, expanding to 47 cities by late 2020. In November 2020, HungryPanda raised $70 million in its Series C funding round led by Swiss investment firm Kinnevik, which contributed $35 million of the total. Other investors included previous backers 83North and Felix Capital, along with new participants Piton Capital, VNV Global (which invested $12.9 million), and Burda Principal Investment. According to the company, it was already profitable in its earliest UK markets and in New York City, with strong unit economics supporting expansion. The capital was earmarked for accelerating growth in the US, Canada, and Australia, investing in technology and talent with plans to double the team to 1,000 employees, and exploring new business opportunities. The company did not disclose its post-money valuation at the time of the funding announcement. |
| Feb 2020 | Series B | 83North (lead); Felix Capital (lead) | $20M | - | HungryPanda is a specialist online food delivery platform targeting Asian restaurants and overseas Chinese communities, offering a tailored experience with Chinese-language support, Alipay and WeChat Pay integration, and focus on Chinese cuisine and groceries. Founded in 2017 in the UK, it operated in 31 cities across the UK, North America, Australia, New Zealand, and Europe with over 300 employees by early 2020. The company raised $20 million in February 2020 led by 83North and Felix Capital to accelerate team growth, technology innovation, and global expansion, particularly in the US market across 18 cities that year. At the time of the funding, HungryPanda aimed to achieve an **annual run rate of $200 million** by May 2020 and was already profitable in the UK and New York City, where its order volume was nearly four times that of its closest competitor. The platform differentiated itself in the competitive food delivery sector against players like UberEats, Deliveroo, and FoodPanda by localizing for Chinese users and leveraging community density in Chinatowns and student areas for better unit economics. Investors 83North and Felix Capital brought expertise from portfolios including Just Eat, Wolt, Deliveroo, and Frichti. This $20M round preceded a $70M Series C in November 2020 led by Kinnevik with participation from the same investors plus others, during which HungryPanda reported 30x growth in gross merchandise value over three years, surpassing its $200M run rate target amid COVID-19 demand surge, and expanded to 47 cities while remaining profitable in early markets. |
Who has invested in HungryPanda?
10 investors have backed HungryPanda across its funding rounds, including 83North, Felix Capital, Kinnevik, Piton Capital, Burda Principal Investments and Perwyn.
Lead investors include Mars Growth Capital, Perwyn, Kinnevik, 83North and Felix Capital.
HungryPanda Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 4 | Lead | Feb 2020 | ||
| 4 | Lead | Feb 2020 | ||
| 3 | Lead | Nov 2020 | ||
| 2 | Participant | Nov 2020 | ||
| 2 | Participant | Nov 2020 | ||
| 2 | Lead | Dec 2021 | ||
| 1 | Participant | Nov 2020 | ||
| 1 | Participant | Dec 2021 | ||
This data is available for Pro users. Sign up to see all 10 HungryPanda investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by HungryPanda
HungryPanda has acquired 2 companies to date.
Last acquisition by HungryPanda was on January 9th 2022. HungryPanda acquired EASI Australia for $16M.
Latest Acquisitions by HungryPanda
| Description | EASI Australia is a Sydney-based app delivering food, grocery, and travel booking services directly to doorsteps, specializing in Asian cuisine with the largest market share among Asian users in Australia's food delivery sector. It offers meals, desserts, drinks, and attentive customer support for seamless ordering. | - |
| HQ Country | ||
| HQ City | Melbourne | - |
| Deal Date | 9 Jan 2022 | 9 Jan 2022 |
| Valuation | $16M | undisclosed |
| EV/Revenue | ||
| EV/EBITDA | ||
This data is available for Pro users. Sign up to see all HungryPanda acquisitions and their M&A valuation multiples. Start Free Trial | ||
HungryPanda Competitors
HungryPanda competitors include listed companies like Dingdong (Cayman) and eDreams ODIGEO, and private ones like Snackpass, Dunzo, Slice and Dingdang Kuaiyao.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $400M | - | ||
| Private | $24M | - | $775M | 32.3x | ||
| Private | - | - | $299M | - | ||
| Private | - | - | $522M | - | ||
| Publicly listed | $3.6B | $34M | $485M | 0.1x | ||
| Publicly listed | $770M | $161M | $517M | 1.1x |
HungryPanda Public Comps
HungryPanda is still privately-owned, but its public comps include Dingdong (Cayman), eDreams ODIGEO, trivago, HelloFresh, Gloo, En, Nerdwallet, Hypoport, Maoyan Entertainment and Cars.com.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $3.6B | $34M | 0.1x | 0.1x | 7.3x | - | |||
| $770M | $161M | 1.1x | 1.1x | 5.4x | 5.3x | |||
| $632M | $13M | 0.5x | 0.5x | 24.3x | 10.9x | |||
| $7.8B | $246M | 0.0x | 0.0x | 1.5x | 0.8x | |||
| $95M | ($136M) | 5.0x | 3.0x | (3.5x) | (11.4x) | |||
| $380M | $45M | 0.7x | 0.8x | 6.2x | 5.5x | |||
| $837M | $112M | 0.6x | 0.6x | 4.7x | 3.6x | |||
| $694M | $78M | 0.8x | 0.8x | 6.9x | 6.8x | |||
This data is available for Pro users. Sign up to see all HungryPanda competitors and their valuation data. Start Free Trial | ||||||||
Common questions about HungryPanda
| When was HungryPanda founded? | HungryPanda was founded in 2017. |
| Where is HungryPanda headquartered? | HungryPanda is headquartered in London, United Kingdom. |
| Is HungryPanda publicly listed? | No, HungryPanda is a private, VC-backed company. |
| What is HungryPanda's valuation? | HungryPanda was last valued at $500M in its Series D in September 2024. |
| How much funding has HungryPanda raised? | HungryPanda has raised $275M across 4 funding rounds. |
| What was HungryPanda's last funding round? | HungryPanda's last funding round was a $55M Series D in September 2024, led by Mars Growth Capital. |
| Who are HungryPanda's investors? | HungryPanda's investors include Felix Capital, 83North, Kinnevik, Piton Capital, Burda Principal Investments, Perwyn, VNV Global, Kreos Capital, Vintage Investment Partners and Mars Growth Capital. |
| Which companies are comparable to HungryPanda? | Companies comparable to HungryPanda include Snackpass, Dunzo, Slice, Dingdang Kuaiyao, Dingdong (Cayman) and eDreams ODIGEO. |
| How many companies has HungryPanda acquired? | HungryPanda has acquired 2 companies, including EASI Australia and BUY@HOME. |
| What was the largest acquisition by HungryPanda? | The $16M acquisition of EASI Australia in January 2022 is the largest acquisition HungryPanda has made to date. |
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