Food2U scores a long term investment
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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. 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.
Questions & Answers
Q.Who founded Food2U and what is their professional background?
Who founded Food2U and what is their professional background?
Food2U was founded by Kyaw Myo Thet, who also serves as its Managing Director. His professional background is in software engineering, indicating a tech-driven approach to the platform.
Q.What was Food2U's delivery volume per month last year, and where has it expanded its services?
What was Food2U's delivery volume per month last year, and where has it expanded its services?
Last year, Food2U handled approximately 5,000 deliveries per month. The platform has expanded its services beyond Yangon to include Mandalay and Taunggyi, broadening its reach.
Q.What was Food2U's valuation before this latest investment?
What was Food2U's valuation before this latest investment?
Before the current investment from Premium Distribution, Food2U's valuation was said to be more than US$2 million. This valuation reflects its established market presence.
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