Food2U scores a long term 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. 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.