Asian Food Delivery App, Fantuan, acquires Chowbus
British Columbia-based food delivery service, Fantuan, has acquired Chicago-based Chowbus for an undisclosed amount, as reported by Betakit. Both companies are in the food delivery business, offering meal delivery through their mobile apps, with a particular focus on the Asian food delivery market. News of the acquisition comes just over a month after Fantuan closed a $54.3 million CAD Series C funding round, which was co-led by GrubMarket and Celtic House Asia Partners.
According to a news release by Fantuan, Chowbus will focus on optimizing its restaurant Software-as-a-Service and Point of Sales business following the acquisition. The goal of the acquisition is to establish a synergistic partnership with enhanced resources to improve the experience of its users. The partnership is also an opportunity to promote Asian food culture, with diverse offerings. With over 120,000 Asian restaurants in the United States, market research indicates that the Asian restaurant market in the US is expected to exceed $230 billion USD by 2030. Despite the popularity of Asian cuisine, Asian-owned restaurants have faced challenges due to cultural and language barriers, which the collaboration seeks to address.
Fantuan was founded in Vancouver, Canada in 2014 and currently operates in major cities across North America, Australia and the United Kingdom. The company placed ninth on Deloitte Canada’s Enterprise Industry Leaders list this past year, being recognized for their “bold vision for the future [and] impactful technologies” catapulting “Canadian innovation forward”.
Author: Olivia Moon, 2023/2024 Articling Student-At-Law
Expertise
Insights
-
Technology
Archer Aviation Signs MoU with Southwest Airlines
On Friday, July 12, American aviation giant Southwest Airlines and start-up Archer Aviation announced that they had signed a memorandum of understanding, which will allow Archer to tap Southwest’s… -
Technology
Shopify and the Rise of AI for Small Businesses
Shopify has announced its intention to use AI in its regular operations to help merchants efficiently manage their stores. The e-commerce site has implemented AI programs that edit images, provide… -
Technology
Revolutionizing Polystyrene Recycling: Polystyvert Raises $16 Million in First Tranche of Series B Funding
Polystyvert, a Montral-based cleantech startup, has raised $16 million CAD in the first closing of its Series B round. The all-equity round’s initial close was led by Dutch venture capital (“VC”) firm… -
Technology
Heart of Innovation: Kardium Secures $143 Million CAD for Commercial Launch
Kardium is a medical solutions company headquartered in Vancouver that has developed a device to treat atrial fibrillation, an irregular and often rapid heart rhythm. The device consists of a Globe… -
Technology
The Future of TV Streaming in a Changing Industry
On June 4, 2024, the Government of Canada announced a new tax under the Online Streaming Act that would require streaming services making over $25 million CAD per year to pay a 5% tax on their… -
Technology
BoldHue: Transforming the Beauty Industry with New Funding
BoldHue, a beauty-tech company founded by Rachel Wilson and Karin Lee, has recently secured $3.37 million USD in funding to help develop and launch its personalized foundation device. This device aims…