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CyberAgent Ventures backs Vietnam food review site

  • Andrew Woodman
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CyberAgent Ventures has made an undisclosed commitment to Vietnamese food review site, Foody. The venture capital arm of Tokyo-based internet firm CyberAgent made the investment through its CA Asia Internet Fund I, a Southeast Asia-focused VC vehicle.

Foody.vn was launched in August this year, and claims to be the fastest-growing food review site in Vietnam. Three months after its launch, the website has reached 10,000 restaurant listings with more than 5,000 reviews.

In a statement, CyberAgent Ventures said the capital would be used to develop the website's content and attract users. It added that there was a void for this type of media in Vietnam and that successful business models have already been executed by existing gourmet review sites in Japan and China.

Two other food review sites in Asia have recently benefited from venture capital investment.

In October CyberAgent invested $500,000 in Polydice, the company behind recipe-themed social network iCook, for a stake of around 15-20% through its CA-JAIC China Internet Fund II. The same month, GREE ventures, NTT investment Partners and Mitsubishi UFJ Capital jointly invested JPY100 million ($1.2 million) into Retty, a Japanese social restaurant guide.

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