Vietnamese e-grocery app raises US$4.5m for R&D

VIETNAMESE e-grocery shopping platform Cooky has raised US$4.5 million in a funding round led by South Korea-based investment firm Nextrans and Vietnamese venture capital firm Do Ventures. 

The fresh funds will go towards Cooky’s research and development efforts to create a greater variety of healthy meal kits at better prices, the company said in a statement on Monday (Nov 28).

The Cooky app combines an online grocery store and a meal kit delivery service, where customers can shop for individual ingredients and full recipes. The app has clocked 1.5 million downloads after 1.5 years of operations.

Cooky was founded by Minh Dang and Dai Nguyen, who are also founding members of Vietnamese food delivery player Foody. Foody was acquired by Sea Group in 2017 for US$64 million.

Minh Dang said his company wants to provide meals for those who want to eat well but do not have time to cook. “Our customers can leave behind the hassle of grocery shopping and cook whenever they want with no food waste,” he said.

The company is also looking to improve personalised services based on customers’ needs.

A NEWSLETTER FOR YOU

Friday, 8.30 am

Asean Business

Business insights centering on South-east Asia's fast-growing economies.

Sign Up

Vietnam’s online grocery market is expected to reach U$1.5 billion by 2025, according to Cooky’s estimates. The pandemic has fuelled a growing demand for home-delivered groceries, especially from a young and tech-savvy population, the company said.

Seung-Ho Chae, managing director at Seoul-based Nextrans, said: “Vietnam’s grocery retail market should be innovated to become more efficient and transparent. Cooky provides excellent ready-to-cook meals with better pricing and a pioneering system built for farm-to-table distribution.”

Vy Le, general partner at Do Ventures, said her firm is supportive of Cooky for its track record and experience in food technology and supply chain operations.

“In today’s busy schedule, Cooky provides us with a comfortable way to make meals without planning recipes and going to the supermarket,” she said.