Delivery.com is launching outside the U.S. for the first time with a new site in Hong Kong that provides online food ordering and delivery to corporate consumers. The company is backed with an undisclosed amount of venture capital from its lead investor Cantor Ventures, the VC arm of Cantor Fitzgerald.
Delivery.com said in a statement that it launched in Hong Kong first because it is “one of the world’s most densely populated places with a cultural and business environment that mirrors New York City, where delivery.com is headquartered.”
It added, “Long working hours, the growing popularity of team lunches, and an increasingly tech-savvy consumer support the need for a central online marketplace where hungry consumers with limited free time can order high-quality delivery, particularly during lunchtime’s peak hours.”
The company claims that many current Delivery.com restaurants make 30% to 40% of their overall business from takeout and delivery, which allows them to make more money without having to increase their brick-and-mortar footprint in high-rent areas.
In Hong Kong, however, Delivery.com will have to face off against several competitors, including Koziness, which also caters to corporate clients, and Rocket Internet’s FoodPanda, which has not launched in Hong Kong yet but is currently hiring for a local office.
Delivery.com, however, believes that there is still plenty of room for growth in the Hong Kong food delivery market, citing a January Euromonitor study that says food delivery still account for just 3% of the HKD $65 billion revenue produced by full service restaurants there.