Asian food delivery platform HungryPanda has completed a $55m refinancing and fundraising effort.

The investment round was spearheaded by Mars Growth Capital, a joint venture between Liquidity Group and MUFG, with ongoing support from existing investors such as Perwyn, Kinnevik, 83North, and Felix.

This infusion is set to bolster HungryPanda's dominance in the Asian food delivery sector and expand its services to a wider range of minority ethnic communities, particularly within North America.

The company has expressed a strong commitment to its delivery riders, aiming to establish leading industry standards for safety and offer sustainable gig work opportunities.

Since its inception in 2017, HungryPanda has become a significant player on the global stage, operating in over 80 cities across ten countries and serving a customer base of more than 6.5 million users in collaboration with over 100,000 merchants.

Last year, HungryPanda secured $130m in Series D funding, which was channelled towards entering new markets and exploring potential mergers and acquisitions.

HungryPanda has now entered a new phase of business growth with more than $275m in funding.

This year, the company posted an annual growth rate exceeding 30% while attaining profitability.

HungryPanda founder and CEO Eric Liu said: “Reaching profitability while maintaining significant growth demonstrates the strength of our business model and our long-term vision. This success is a testament to the dedication and hard work of our entire team.

“HungryPanda is more than just a delivery platform—we see ourselves as an ambassador of Asian cuisine. With this new funding, we are poised to accelerate our expansion into North America, elevate our services, and continue to champion the richness of Asian food culture on a global scale.

“We are especially grateful for the support from Mars Growth Capital and Liquidity Group, whose partnership will help us achieve our ambitious goals.”