A Vancouver-based company has raised a Series C round of funding toward bringing Chinese-style food delivery experiences to Canada.
Fantuan has secured US$40 million in a round led by immigrant-focused venture capital firm Celtic House Asia and food supply chain firm GrubMarket, according to a report from TechCrunch. The round included participation from Vision Plus, JSD Capital, and others.
Inspired by Chinese commerce platform Meituan, Randy Wu founded Fantuan in 2014. Within two years, the startup was popular throughout Vancouver—and profitable.
Wu, at the time an economics student at Simon Fraser University, aptly named his startup after rice balls. For immigrants, “food from home is a kind of spiritual refuge when you are living abroad,” the entrepreneur informed TC.
In 2018, Fantuan secured seed funding, which powered an expansion south into the US. A Series A round raised in 2020 fuelled expansion into Australia and the United Kingdom.
In 2023, Fantuan is tracking toward a $100 million revenue year, the team revealed to TC, with more than one million active users.
The growing company today employs roughly 500 workers globally.
Last month, Fantuan received an Enterprise Fast 15 award from Deloitte Canada.
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