Online meal delivery firm foodpanda gets $60 mln in financing
By Eric Auchard
SAN FRANCISCO Aug 11 (Reuters) - Foodpanda, an online take-away food delivery company active in dozens of emerging markets, said it had raised $60 million in new financing from a group of investors including existing backer Rocket Internet AG.
Foodpanda, one of a stable of ecommerce and financial services ventures created by Berlin-based Rocket Internet, is in a global race to stake out the highly local food take-away market, an online segment that has featured two high-profile share listings this year and big investments by U.S. and European venture firms.
The latest financing marks the third sizeable round of investment for foodpanda, which has raised a little over $100 million since it was founded in 2012, said Ralf Wenzel, co-founder and chief executive of foodpanda.
Added funding will help foodpanda deepen penetration of its existing Asian, African, Eastern European, Middle Eastern and Latin American markets before a variety of publicly traded or otherwise well financed rivals can enter them.
Major players in the online food take-away ordering business include publicly listed GrubHub, which has popularized the category since its founding in 2004 and now offers menus from 250,000 restaurants in 500 U.S. cities.
Just-Eat IPO-JEC.L, London's biggest technology listing in recent years, is the dominant online food delivery player in Britain and Denmark, where it was founded in 2001, but it has less of a presence to date in eight other European markets and Brazil and India, where it has also set up shop.
In much of Europe, the largest player is Berlin-based Delivery Hero, founded in 2011, which is active in 20 markets across five continents and has raised $285 million in funding to date. It counts 60,000 restaurants as customers from Germany to Latin America to China and India.