Meal Temple Group, one of the first tech startups out of Cambodia, just raised an undisclosed, six-digit amount in US dollars from private Australian and European investors. The startup operates food-delivery platform MealTemple and online supermarket GroceryDelivery.asia.
Apart from growing local operations, the fundraising will also enable Meal Temple Group to broaden its logistics services to more verticals so it can answer the needs of individual customers and business clients.
Source: Press release
Meal Temple Group believes its localized business model and operations have allowed it to compete with Rocket Internet-based ventures in the past, as well as other big players.
At present, the startup serves thousands of customers across Cambodia’s major cities, such as Phnom Penh, Siem Reap, and Sihanoukville. Meal Temple Group is also looking to expand its capacity in its home market as well as in neighboring Laos – a move that will increase its target market from 16 million to 23 million people.
The Cambodian market is getting more attention from regional players, including aspiring super apps Grab and Go-Jek. The country’s tech scene is also seeing its fair share of action, as more international investors back homegrown startups, while attracting regional venture capitalists and angel investors.