The Smart Axiata-backed Digital Innovation Fund (Sadif) has acquired a minority stake in Nham24, one of the Kingdom’s leading online food delivery services, a press release said on Tuesday.
Nham24 founder and CEO Borima Chann said with the additional funding, the company will continue to focus on delivering the best possible customer service and boost partnerships with local restaurants.
“We look forward to collaborating with Sadif to grow our business and strengthen our market position,” he said.
Nham24 becomes the third company added into Sadif’s portfolio of promising locally-based digital businesses.
Established in 2016, the service has grown to become one of Cambodia’s largest and fastest growing food delivery platforms. It currently operates in Phnom Penh and Siem Reap, and collaborates with over 550 restaurants.
Sadif’s capital injection into Nham24 is expected to assist in expanding the company’s footprint by helping to increase partnerships and aid in developing the latter’s platform.
Smart Axiata CEO Thomas Hundt said that Nham24’s rapid growth and its desire to revolutionise food ordering and delivery services is truly encouraging.
“I look forward to seeing Sadif’s investment in Nham24 taking shape,” he said, adding that investing in the company will provide Smart with various synergistic opportunities.
Smart has been making a push recently to offer subscribers a vast array of lifestyle services.
As a venture capital fund valued at some $5 million, Sadif’s investments usually range from $25,000 to $500,000, depending on the funding requirements of investees.
The fund is managed by investment and advisory firm Mekong Strategic Partners. Late last year, regional insurance provider Forte Insurance was announced to be a co-investor in Sadif.
Around the same time, the first two companies to receive investments were announced to be Joonaak Delivery and Morakot Technology.