Cambodian food delivery startup secures strategic investment from OOCTANE
Muuve, a food delivery service provider in Cambodia, has secured a strategic investment from local venture capital firm OOCTANE.
As part of the investment, OOCTANE general partner Tapas Kuila will join the board of Muuve.
The financial details of the deal were not disclosed.
Launched in 2018, Phnom Penh-based Muuve uses an asset-light approach by crowdsourcing its delivery partners, which it calls "Muuvers." According to a statement, it offers more than 18,800 different food items on its menu via a network of over 350 restaurant partners.
The startup plans to use the new funds to expand into new cities in Cambodia and strengthen its current operations.
"This investment will allow us to continue to scale rapidly, drive business for Muuvers and merchants, and offer more choices to consumers," said Phanith Panh, CEO of Muvve.
Muuve is up against the likes of Meal Temple, a local player operating a food delivery platform and an online supermarket. It has started expanding into ride-hailing services in a bid to become a super app.
In February 2019, OOCTANE raise US$55 million for its debut fund to invest in tech businesses established in Cambodia that are looking to expand into the country or those founded by Cambodians. It focuses on investments in logistics, ecommerce, real estate, and financial services. It also advises on mergers and acquisitions for local logistics company WorldBridge Group, according to the statement.
WorldBridge contributed US$5 million to OOCTANE's debut fund last year. OOCTANE is chaired by the logistics firm's chairman, Rithy Sear.
This article was extracted from Tech in Asia.