Consumer internet group Sea has invested $64m to acquire an 82% stake in Foody, a Vietnam-based online restaurant listings platform that counts internet company CyberAgent as an investor, DealStreetAsia reported yesterday.
Sea’s acquisition of a majority stake in a Vietnam-based restaurant booking and food ordering platform in July 2017 was revealed in the filing for its forthcoming initial public offering, but the details of the deal were obtained from a source familiar with the matter.
Founded in 2012, Foody operates a local discovery service that helps users find nearby restaurants, cafés and take-away outlets, allowing consumers to order food from, and leave reviews about the establishments.
Foody has not revealed how much funding it had previously raised. CyberAgent’s corporate venturing subsidiary, CyberAgent Ventures, took part in its 2012 seed round before combining with Pix Vine Capital to provide its series A capital in 2013.
Tiger Global Management supplied an undisclosed amount of series C funding for Foody in July 2015, a month after Sea, then known as Garena, had provided an unknown sum for Foody’s series B round through an unnamed investment unit. Discount services provider Jamja added funding in June 2016.