Foodpanda raises additional S$133m

SINGAPORE — German online food delivery company foodpanda has secured an additional round of funding of US$100 million (S$133 million), the company said yesterday.

The funding is led by United States bank Goldman Sachs, while existing investors, such as Berlin-based technology company Rocket Internet, also participated. As part of the financing round, Goldman Sachs will join the advisory board of foodpanda.

Foodpanda, which was founded in Singapore, has now raised more than US$310 million since its launch in 2012. It last received funding as recently as in March, and the company said it had acquired global competitors this year in countries such as India, Mexico, Russia, Brazil, as well as in Eastern Europe and South-east Asia. The recent investments will be used to further expand its own delivery services and improve customer experience, it said.

The latest announcement comes as foodpanda Singapore launched a premium delivery service that allows customers in the Central Business District to receive their food within 60 minutes of placing their orders while reducing delivery charges by up to 50 per cent. CHANNEL NEWSASIA