Food2U scores six-figure investment
Myanmar food-delivery platform Food2U has raised a six-digit investment from Premium Distribution, which handles retail, food services and non-food products.
It imports and distributes products from such food brands as Cadbury, Ferrero, Fontana and Nestle, as well as items from Lock & Lock and Luminarc.
The valuation of the startup, founded in early 2015, is said to be more than US$2 million, reports Deal Street Asia. The company is led by founder/MD Kyaw Myo Thet, whose background is software engineering. In May last year, Food2U raised a six-digit amount from three individual investors including iMyanmarHouse.com founder Nay Min Thu.
Food2U, which handled about 5000 deliveries a month last year, has expanded its services beyond Yangon to Mandalay and Taunggyi. It has also forged a partnership with Pizza Hut in Myanmar, a JV involving Pizza Hut Myanmar, City Mart Holding and Jardine Restaurant Group.
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