[September 2024] – HungryPanda, the world's leading overseas Asian food delivery platform, today announced the successful completion of a $55 million refinancing and fundraise. The round was led by Mars Growth Capital, a JV by Liquidity Group and MUFG, with continued support from HungryPanda’s existing investors, including Perwyn, Kinnevik, 83North, and Felix. This 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.

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. In 2021, the company raised $130 million in Series D to expand into new markets and explore mergers and acquisitions. To date, HungryPanda has raised over $275 million in funding and has entered a new phase of business growth.In 2024, HungryPanda achieved profitability while maintaining an annual growth rate of over 30%—a remarkable achievement in the competitive food delivery industry.

“Reaching profitability while maintaining significant growth demonstrates the strength of our business model and our long-term vision. This success is a testament to the dedication and hard work of our entire team,” said Eric Liu, Founder and CEO of HungryPanda. “HungryPanda is more than just a delivery platform—we see ourselves as an ambassador of Asian cuisine. With this new funding, we are poised to accelerate our expansion into North America, elevate our services, and continue to champion the richness of Asian food culture on a global scale. We are especially grateful for the support from Mars Growth Capital and Liquidity Group, whose partnership will help us achieve our ambitious goals.”

“I am proud of how HungryPanda has positioned itself uniquely within the food delivery sector by focusing on the specific needs of Asian communities globally,” said David Buttress, Chairman of the Board at HungryPanda. “Our targeted approach and deep understanding of this market have been key drivers of our growth and success. “As we continue to scale, I am confident we will further solidify our leadership in this space and capitalize on new opportunities.”

The new funding will enable HungryPanda to continue meeting the growing demand for Asian food and groceries, while upholding the high service standards its customers expect. In addition, HungryPanda remains committed to supporting its delivery riders by setting industry-leading standards for safety and offering sustainable gig work opportunities.

“HungryPanda has been able to carve out an impressive niche in the highly-competitive food delivery vertical, and as a result, has experienced double-digit growth while continuing to strengthen its position as a market leader,” said Paul Brodie, Managing Director, Europe at Mars Growth Capital and Liquidity Group. “We are excited to be part of HungryPanda’s next chapter along with its existing investors.”

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