Cambodia's Muuve scores funding from OOCTANE to take its food delivery service to new cities
Muuve allows for food ordering and delivery service on its platforms and crowdsources its delivery partners
Cambodian VC firm OOCTANE today announced that it has made an undisclosed strategic investment in local food delivery startup Muuve.
The Phnom Penh-headquartered Muuve said it plans to use the funding for expansion into new cities in the country and strengthen its current operations. "This investment will allow us to continue to scale, drive business for Muuvers and merchants, and offer more choices to consumers," said CEO Phanith Panh.
As part of the investment, Tapas Kuila, General Partner of OOCTANE, will join the board of Muuve.
"We have been closely tracking Muuve's progress over the past few months as well as the growth of the food delivery industry in Cambodia in general. We believe that their business model along with customer experience will continue to set them apart from the rest of the pack," said Kuila.
Launched in Phnom Penh in 2018, Muuve crowdsources its delivery partners (called Muuvers) using an "asset-light" approach. Currently, the company offers over 18,800 different food items on its menu catering to locals, expatriates, and Chinese taste-buds via its 350-plus restaurant partners.
"We've always been proud of being the first local delivery platform to utilise an asset-light business model to provide Muuvers with opportunities for jobs and incremental revenues," Phanith added.
OOCTANE primarily focuses on technology-enabled businesses in the logistics, e-commerce, real estate, and financial services verticals, and also advises on various mergers and acquisitions for the WorldBridge Group. The fund is chaired by Oknha Sear Rithy, Chairman of the WorldBridge Group.
The VC firm recently closed its debut US$55 million Cambodia Investment Fund with a mandate to invest in technology-enabled businesses founded in Cambodia, looking to expand into Cambodia, or founded by Cambodians anywhere in the world.
This article was extracted from e27.