Ooctane, a venture capital firm backed by one of the largest business conglomerates in Cambodia, is investing in Muuve, one of the new players in the highly-competitive food delivery business in Cambodia.
Deal Street Asia reported this week that Ooctane made its first investment in Muuve. The amount of investment was not disclosed but is believed to be substantial. The report said that it will allow Muuve to expand and strengthen its operations in Cambodia.
In May last year, Ooctane announced that it reserved $55 million to fund startups and related businesses in the Kingdom. Sear Rithy, chairman of WorldBridge Group, put $5 million of his own money into the fund, while the remaining $50 million came from his network of friends.
Tapas Kuila, Ooctane general partner, said in a prior media interview that Cambodia’s startup scene holds great potential.
“The Cambodian startup scene is still very nascent, but is growing rapidly and will continue to grow even more. We are designing our new fund to add fuel to the fire and be an ultimate game-changer in the startup ecosystem here in Cambodia,” he said.
As part of the deal, Kuila will join the board of Muuve.
“We have been closely tracking Muuve’s progress over the past few months as well as the growth of the food delivery industry in Cambodia in general, and truly believe that their asset-light business model along with strong focus on profitable unit economics and great customer experience will continue to set them apart from the rest of the pack,” Kuila said in the report.
For his part, Muuve CEO Phanith Panh welcomed the investment and said it will allow them to expand their operations and offer more options to their customers. The funding infusion will allow Muuve to expand to other cities and provinces in the Kingdom.=
Established by Panh and his business partner Nik two years ago, the Phnom Penh-headquartered Muuve offers more than 18,000 food items through a network of more than 350 restaurants.
Muuve has a well-earned reputation for convenience. The startup has been making inroads in the market that already includes such established names as Meal Temple, Swiss Food Asia and Nham24.
Ooctane operates under WorldBridge Group, a major business conglomerate that also has interests in construction, real estate, logistics, special economic zones, e-commerce and other businesses.