Germany-based online food delivery service FoodPanda secured $60m in series D funding yesterday from corporate-backed incubator Rocket Internet and hedge fund sponsor Falcon Edge Capital.
Formed in 2012 by Rocket Internet, Foodpanda provides a service through which customers can order from a selection of local food delivery menus online.
Foodpanda raised $20m in February from investors including venture capital firm Phenomen Ventures and has now raised $108m altogether, with past investors also including investment firm Kinnevik and Imena Holdings, an investment group representing several online consumer businesses based in the Middle East and North Africa.
The global online food delivery sector is still generally regional. GrubHub is the market leader in North America, while Just Eat and Delivery Hero have the biggest market share in different parts of Europe.
Foodpanda is targeting emerging markets, operating under its own name in Asia and Eastern Europe, and as Hellofood in Africa, Latin America and the Middle East. It had expanded to 40 countries by the end of the first quarter of 2014.
The company is also continuing to expand geographically by acquiring competitors, buying Hungary-based Ételvitel last year and Russia-based Delivery Club, which also counted Phenomen as an investor, in June 2014.