Asian Food Delivery Company Chowbus Raises $33 Million

By Dan Anderson ● Jul 23, 2020
  • Chowbus — a food-delivery platform that connects diners with high-quality authentic Asian food from “mom and pop” restaurants and stores — announced that it has raised $33 million

Chowbus — a food-delivery platform that connects diners with high-quality authentic Asian food from “mom and pop” restaurants and stores — announced that it has raised $33 million in Series A funding led by Altos Ventures and Left Lane Capital with additional participation by Hyde Park Angels, Fika Ventures, FJ Labs and Silicon Valley Bank.

This round of funding comes on the heels of a period of significant growth for Chowbus — which was founded in 2016 by Suyu Zhang and Linxin Wen to connect people with authentic Asian food that is not easily found on traditional third-party delivery apps.

Over the past year, Chowbus has increased its revenue 700% and grew its employee headcount 300%. And the company has also added two key leaders: Kenny Tsai (former JUMP Bikes Chief Operating Officer and one of Uber’s first 50 employees) as COO and Jieying Zheng (former Groupon product leader) as Head of Product.

With this round of funding, the company will continue to grow its existing business, launch its platform in new cities, and expand its product line while continuing to support the restaurants and customers on the platform. And Chowbus is also pressing forward to offer new services beyond delivery to help restaurants fully leverage the power of its technology such as its recently released “dine-in” function, which allows diners to order and pay from their phone for a contactless dining experience at their favorite restaurant.

The Chowbus app is available in New York, Boston, Philadelphia, Chicago, Atlanta, Los Angeles, the Bay Area, Seattle, and several other cities across North America.

KEY QUOTES:

“Chowbus is proud to empower independent Asian restaurants and grocery stores across North America to share their diverse cuisine and grow their business. When we say we’re true partners to the restaurants we work with, we mean it. By eliminating hidden fees, helping them showcase their best dishes, and other efforts we make on their behalf, we really go the extra mile to help our restaurant partners succeed. We only succeed if they do.”

— Linxin Wen, co-founder and CEO of Chowbus

“Altos is excited to be investing in Chowbus’ mission of bringing authentic Asian food from independent mom-and-pop restaurants to passionate diners. As children of Asian immigrants ourselves, our partnership resonates deeply with this mission and we look forward to supporting the next stage of the company’s growth.”

— Anthony Lee, Managing Director at Altos Ventures

“The market is experiencing a permanent shift from offline to online ordering, a trend that Chowbus is actively driving. Focusing on this large and loyal constituency with a vertical-approach to supporting Asian restaurants and food purveyors has allowed Chowbus to differentiate itself on both sides of the marketplace. The capital efficiency with which they have operated, relative to the scale achieved, is extraordinarily impressive, and not something we often see.”

— Harley Miller, Managing Partner at Left Lane Capital