CPE News (12.5.2023) – Fan Tuan Holding Ltd. (Fantuan, 飯糰/饭团) has raised $40 million in Series C funding co-led by GrubMarket and Celtic House Asia Partners, with participation of VisionPlus Capital, JSD Capital, and other investors from North America and China.
Founded in 2014 by a group of Chinese founders, Burnaby, BC based Fantuan is a technology company that provides a one-stop platform providing services such as food delivery, fresh grocery and more. The company is currently operating in major cities across Canada, the United States, Australia and the UK.
Fantuan Raises $40 Million Series C Round, Led by E-Commerce Platform GrubMarket
VANCOUVER, BC, Dec. 5, 2023 /CNW/ – Fantuan, the Asian food delivery and life service platform has closed a $40 million Series C funding round. The round was co-led by GrubMarket, a renowned U.S. fresh grocery e-commerce platform, and Celtic House Asia Partners, Fantuan’s seed round lead investor. VisionPlus Capital, JSD Capital, and other backers from North America and China also participated in this round.
This funding round makes Fantuan the only ethnic food delivery platform to secure substantial funding in the post-pandemic era.
Established in Vancouver, Canada, in 2014, Fantuan has expanded its reach to over 50 cities in Canada, the United States, Australia, and the United Kingdom. With a leading position in North American Asian food delivery market, Fantuan ventured beyond North America in 2022, successfully launching in over 10 cities in Australia and the UK. The remarkable growth rate makes Fantuan consecutively featured in Deloitte Canada’s Technology Fast 50 list as one of the fastest growing tech companies in 2022 and 2023.
The company has attracted top talents in the industry. Earlier this year, Yinfeng Lu, a former Meituan’s key executive, joined Fantuan as Chief Operating Officer. Lu’s extensive experience with leading Chinese tech giants such as Qunar.com and Didi marks Fantuan’s strategic expansion into diversified business ventures beyond food delivery.
“This funding will play a crucial role in elevating our service experience and improving our operations,” said Randy Wu, Founder and CEO of Fantuan. “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.”
Fantuan’s robust growth and its ability to attract capital reflects investor confidence, paving the way for broader opportunities in other service segments. The Asian community, comprising over 40 million people in the countries where Fantuan operates, represents a market size of over $36 billion. In addition to continuing to deepen its food delivery business, Fantuan has been exploring other service sectors, including fresh produce delivery, dine in service, ticketing service and more, to meet the needs of the Asian community and address market gaps. This funding round is expected to propel Fantuan closer to its goal of becoming the “overseas version of Meituan.”
“GrubMarket and existing investors have immense confidence in Fantuan’s vision, business model, and profitability,” stated Mike Xu, founder and CEO of GrubMarket. “We believe Fantuan can continue to integrate the overseas Chinese and Asian food delivery market and keep growing its footprints.”
Jie Chen, Celtic House Asia Partners, added, “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.”
Fantuan was founded in Vancouver, Canada in 2014, currently operating in major cities across Canada, the United States, Australia and the UK. Fantuan is a technology company that provides a one-stop platform providing services such as food delivery, fresh grocery and more. As one of the world’s leading lifestyle service platforms, Fantuan enables users to easily access the richness of resources in their neighbourhood and the city. Fantuan’s cutting-edge technology closely connects business owners with customers and provides convenient, innovative, and efficient services to make people’s lives easier.
For more information, please visit www.fantuan.ca.
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