Nham24 announced as latest SADIF investee
Phnom Penh, 7th August 2018: Smart Axiata Digital Innovation Fund (SADIF) has acquired a minority stake in Nham24, Cambodia’s leading online food ordering service provider. Nham24 becomes the third company to be added into SADIF’s investee portfolio of promising local-based digital businesses.
Established in 2016, Nham24 has grown to become one of Cambodia’s largest and fastest growing food delivery platforms. The company, which currently operates in Phnom Penh and Siem Reap, 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 USD 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 was announced as 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 USD to 500,000 USD 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.
“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 Thomas Hundt, CEO of Smart Axiata.