Vancouver, BC /PRNewswire/ - Fantuan, a leading global Asian food delivery and life service platform, is pleased to announce the acquisition of Chowbus' delivery business. Following the acquisition, Chowbus will focus on developing and optimizing its restaurant Software-as-a- Service (SaaS) and Point of Sales (POS) business. Fantuan and Chowbus will establish a strategic partnership to synergize their respective strengths and resources to enhance food delivery through an expanded restaurant network. This partnership will unlock an improved delivery experience for user by providing comprehensive, high-quality management software and services for restaurants.
Founded in Vancouver, Canada in 2014, Fantuan currently operates in over 60 cities across the United States, Canada, Australia, and the United Kingdom. As a leader in the North American Asian food delivery service, Fantuan has diversified into other service segments, such as fresh grocery delivery and dine-in service. In December 2023, Fantuan successfully raised US$40 million in its Series C funding round. The funding will be allocated to reinforce the company's commitment to penetrate the Asian food delivery market and creating broader spectrum of services for its global customers.
Established in Chicago, U.S. in 2016, Chowbus rapidly expanded its delivery service to over 20 cities in the country by 2020. In 2022, while maintaining high profitability in its delivery business, Chowbus ventured into providing restaurant management software and POS services. Within a year, it onboarded over 1,000 restaurants, establishing itself as the fastest-growing POS company in North America, while successfully raising US$40 million over the last two years. Investors include Prysm, Celtic House Asia Partners, and other renowned investors.
"This strategic acquisition marks a close collaboration between Fantuan and Chowbus, optimizing resources for users, merchants, and delivery drivers," said Randy Wu, Founder and CEO of Fantuan. "It will further extend Fantuan's advantage as a leader in the U.S. Asian delivery market, enriching our portfolio with more restaurants and users. Together, Fantuan and Chowbus will actively promote Asian food culture, offering users more delicious selections. At the same time, we will collaborate with even more mom-and-pop restaurants and Asian-owned businesses and provide a more comprehensive back of house solution for merchants."
Linxin Wen, Founder and CEO of Chowbus, stated, "Chowbus's vision is to assist North American restaurants, especially those owned by newcomers to the country, who generally need help with technology and marketing. Starting with food delivery and progressing to developing our SaaS and POS systems, our end goal remains the same - to offer extensive services and technologies to restaurants. With the rapid growth of the restaurant SaaS business line, we want to focus and develop better products and services for merchants. We are confident that our partnership with Fantuan will provide improved and expanded services for merchants across food delivery, restaurant SaaS systems, and beyond."
According to market research, the United States has over 120,000 Asian restaurants, with Chinese cuisine accounting for 71%. The Asian restaurant market is expected to exceed US$230 billion by 2030. While Asian cuisine is popular in North America, Asian-owned restaurants face various challenges due to cultural and language gaps. Both Fantuan and Chowbus are dedicated to helping Asian restaurants thrive by establishing an Asian food ecosystem, delivering greater value for customers, merchants, delivery drivers and all stakeholders.
Fantuan was founded in Vancouver, Canada in 2014, currently operating in major cities across Canada, the United States, Australia and the UK. Fantuan is a technology company that provides a one-stop platform providing services such as food delivery, fresh grocery and more. As one of the world's leading lifestyle service platforms, Fantuan enables users to easily access the richness of resources in their neighbourhood and the city. Fantuan's cutting-edge technology closely connects business owners with customers and provides convenient, innovative, and efficient services to make people's lives easier.