The investment into Nham24, through the Smart Axiata Digital Innovation Fund (SADIF), is in line with Smart’s intention to partner with promising digital companies and to offer of a vast array of services to its customers, said CEO Thomas Hundt yesterday.
For in depth analysis of Cambodian Business, visit Capital Cambodia
Nham24 is Cambodia’s leading online food ordering service provider and is the third company to be added into Smart Axiata Digital Innovation Fund (SADIF)’s investee portfolio of promising local-based digital businesses.
“Investing in Nham24 certainly provides Smart with various synergy opportunities, especially along the line of Smart’s intention to offer our subscribers a vast array of lifestyle services.
“Nham24’s rapid growth as well as desire to revolutionize food ordering and delivery services is truly encouraging. I look forward to see SADIF’s investment in Nham24 taking shape!” said Hundt.
Established in 2016, Nham24 currently operates in Phnom Penh and Siem Reap and collaborates with over 550 restaurants in Cambodia. It plans to expand to other major provinces in the country soon.
In addition to its innovative mobile and web-based food delivery product, Nham24 recently launched Nham24 Fresh which allows consumers to order groceries and have them delivered within 2 hours.
SADIF’s capital injection into Nham24 is expected to assist the company’s business footprint expansion through increased partnerships and internal platform development.
“We look forward to collaborate with SADIF to help grow our business and strengthen our market leadership position.
“With the funding and strategic value from our new investor, we continue to focus on delivering the best possible experience for our consumers as well as our restaurant partners,” said Borima Chann, founder CEO of Nham24.
SADIF, a 5 million dollar digital venture capital fund, was launched in March 2017 by the country’s leading mobile operator Smart.
The Fund is managed by investment and advisory firm Mekong Strategic Partners (MSP).
Late last year, regional insurance provider Forte Insurance became SADIF’s co-investor alongside the announcement of SADIF’s first two investees, Joonaak Delivery and Morakot Technology.
“We have seen great traction in Cambodia’s online food delivery marketplace and believe that this positive trend will continue in the foreseeable future.
“Nham24’s team ability to scale and focus on operations as well as customer experience sets them apart from its industry peers. We look forward to welcome Nham24 to the SADIF family,” said Gordon Peters, Partner of Mekong Strategic Partners.
SADIF’s investments typically range from $25,000 to $500,000 depending on the stage, industry and funding requirements of the investee companies.
Besides funding, SADIF supports aspiring entrepreneurs and promising ICT
businesses through mentoring, knowledge sharing and business development.