CyberAgent, GITPx Investments to co-invest in food review site Foody

Vietnam-based food review site Foody sees additional investment made by CyberAgent Ventures and GITPx Investments.

CyberAgent Ventures today announced its plans to make a second investment in Foody Corporation, a Vietnam-based startup. It will also see a follow investor, Singapore-based GITPx Investments participating in this said round.

UPDATE: Head of Vietnam for CyberAgent Ventures, Dzung Nguyen shared that this will be Foody’s Series A round. He added though he cannot disclose the funding amount, it is under US$1 million.

Foody, which is known to be a user-generated food and restaurant review media platform, was launched last August. It has about 36 thousand restaurants, 21 thousand reviews, 73 thousand photos with about 500 thousand monthly unique visitors. To our understanding, it also has a mobile application and is actively partnering up with merchants to give them the ability to book through their site.

With the new investment, Foody will look to speed up growth for its user base and gourmet content. The press release also noted that CyberAgent Ventures is committed to “enhancing Foody’s value by making the most of CyberAgent’s resources including its existing operations, business experiences and know-how.”

With its primary focus on early-stage Internet startups, CyberAgent Ventures first invested in Foody last year. Foody’s other investor, GITPx Investment recently made news funding RankJunction, an India-based online exam platform.

He then added that this will gear Foody up to dominate the market as an online gourmet review media. He said:

“The total restaurants in Vietnam is around 80,000 to 100,000, but we already have 37,000 points of interest (POI). We will dominate market next year, after we have more than 50,000 70,000 points of interest (POIs). So Foody is focusing on developing new contents and users. Last November, POI was at 10,000 and now it’s 36,000.

Read also: CyberAgent Ventures funds Indonesian online baby product platform

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