Fantuan Delivery, an Asian food delivery service platform based in Vancouver, Canada, has raised $40m in a Series C funding round.

The funding round was co-led by US-based fresh grocery e-commerce platform GrubMarket and Celtic House Asia Partners, Fantuan's seed round lead investor.

Other participants included VisionPlus Capital and JSD Capital, along with backers from North America and China.

Fantuan expects the new funding round to help it move closer to its aim of becoming the "overseas version of Meituan".

In a press statement, Fantuan said: “This funding round makes Fantuan the only ethnic food delivery platform to secure substantial funding in the post-pandemic era.”

In 2022, Fantuan launched its operations in more than ten cities in Australia and the UK.

Fantuan founder and CEO Randy Wu said: "This funding will play a crucial role in elevating our service experience and improving our operations.

"The international food delivery market continues to exhibit significant growth potential. We aim to refine operations and enhance our competitive advantages on the users, merchants and drivers' ends, creating greater value for all stakeholders."

Fantuan is also considering exploring other service sectors such as fresh produce delivery, dine-in service and ticketing to meet the needs of the community in Asian countries and address market gaps.

GrubMarket founder and CEO Mike Xu said: "GrubMarket and existing investors have immense confidence in Fantuan's vision, business model and profitability.

"We believe Fantuan can continue to integrate the overseas Chinese and Asian food delivery market and keep growing its footprints."

Established in 2014, Fantuan now operates in more than 50 cities in Canada, the US, Australia and the UK.