Orrick, Herrington & Sutcliffe LLP
10/18/2024 | Press release | Distributed by Public on 10/18/2024 07:25
Investing in Food Delivery: Kinnevik Supports HungryPanda's Expansion
European investment firm Kinnevik has participated in a $55 million funding and refinancing for HungryPanda, the world's leading overseas Asian food delivery platform.
Orrick advised Kinnevik.
THE COMPANIES
Based in Sweden, Kinnevik seeks to be Europe's leading listed growth investor. It backs the best digital companies and has a strong and expanding portfolio in health care, software, marketplaces and climate tech.
As a long-term investor, Kinnevik believes that investing in sustainable business models and diverse teams will bring the greatest returns for shareholders.
Founded in 2017, HungryPanda has established itself as a global leader in Asian food delivery, operating in over 80 cities across 10 countries, serving more than 6.5 million users in partnership with over 100,000 merchants.
The company raised $130 million in Series D funding in 2021 to expand into new markets and explore mergers and acquisitions. To date, HungryPanda has raised over $275 million and entered a new phase of business growth.
THE IMPACT
Mars Growth Capital, a joint venture between Liquidity Group and MUFG, led the round, with participation from Kinnevik and other existing investors, including Perwyn, 83North and Felix.
The new funding will enable HungryPanda to solidify its leadership in the Asian food delivery market and explore new opportunities to serve a broader range of minority ethnic communities, particularly in North America, HungryPanda said in a statement.
THE TEAM
Orrick's Shawn Atkinson led the team that advised Kinnevik. The team included Patrick Driscoll, Chris Perry and Mae Morter.