Fantuan – an Asian food delivery and life service platform – recently announced it has closed a $40 million Series C funding round. This funding round was co-led by GrubMarket, a renowned U.S. fresh grocery e-commerce platform, and Celtic House Asia Partners. And VisionPlus Capital, JSD Capital, and other backers from North America and China also participated in this round. With this funding round, it makes Fantuan the only ethnic food delivery platform to secure substantial funding in the post-pandemic era.
Launched in Vancouver, Canada, in 2014, Fantuan expanded its reach to over 50 cities in Canada, the United States, Australia, and the United Kingdom. And with a leading position in North American Asian food delivery market, Fantuan expanded beyond North America in 2022, successfully launching in over 10 cities in Australia and the UK.
The company also attracted top talents in the industry. Earlier this year, Yinfeng Lu (a former Meituan’s key executive) joined Fantuan as Chief Operating Officer. And Lu’s extensive experience with leading Chinese tech giants like Qunar.com and Didi marks Fantuan’s strategic expansion into diversified business ventures beyond food delivery.
Fantuan’s growth and its ability to attract capital reflects investor confidence, paving the way for broader opportunities in other service segments. And the Asian community, comprising over 40 million people in the countries where Fantuan operates, represents a market size of over $36 billion.
Along with continuing to deepen its food delivery business, Fantuan has been exploring other service sectors, including fresh produce delivery, dine in service, ticketing service etc. to meet the needs of the Asian community and address market gaps.
KEY QUOTES:
“This funding will play a crucial role in elevating our service experience and improving our operations. The international food delivery market continues to exhibit significant growth potential. We aim to refine operations and enhance our competitive advantages on the users, merchants and drivers ends, creating greater value for all stakeholders.”
— Randy Wu, Founder and CEO of Fantuan
“GrubMarket and existing investors have immense confidence in Fantuan’s vision, business model, and profitability. We believe Fantuan can continue to integrate the overseas Chinese and Asian food delivery market and keep growing its footprints.”
— Mike Xu, founder and CEO of GrubMarket
“Celtic House Asia Partners has been with Fantuan from the beginning, witnessing its tremendous growth. With the team’s strong operation and execution, we believe Fantuan will maintain its leadership position in the Asian food delivery sector and achieve even greater success in more countries and business categories.”
— Jie Chen, Celtic House Asia Partners
