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Chowbus

From Wikipedia, the free encyclopedia
Chowbus
IndustryPoint of sale
Founded2016; 8 years ago (2016)
Founders
  • Suyu Zhang
  • Linxin Wen
Headquarters
Chicago, Illinois
,
United States
ProductsCloud-based point of sale systems for restaurants and bars
Websitewww.chowbus.com

Chowbus is a technology company specializing in restaurant services, originally established as an online food ordering, payment, and delivery platform.[1] It was founded in Chicago, U.S. in 2016 by Linxin Wen and Suyu Zhang. The company's primary mission is to bridge the gap between consumers and authentic Asian cuisine that is often underrepresented on mainstream delivery platforms. Over time, Chowbus expanded its services beyond delivery, venturing into software for restaurants, including a cloud-based point of sale (POS) system.[2]

History

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Chowbus was conceived from the experiences of co-founder Linxin Wen, who, upon moving to the U.S., realized the difficulty of finding genuine Asian restaurants on existing delivery platforms and the high costs associated with their delivery services.[3] Inspired by this challenge, Wen, along with Suyu Zhang, launched Chowbus in 2016 to support these restaurants by providing a dedicated platform.[4]

Starting with a focus on delivery, Chowbus soon extended its reach to over 20 cities across North America, Canada, and Australia, featuring menus in multiple languages including Mandarin and Cantonese. The platform offered a selection of Asian cuisines such as Chinese, Japanese, Korean, Vietnamese, and Indian.[5] By 2022, alongside its successful delivery model, Chowbus expanded into the software as a service (SaaS) market, introducing restaurant management software and POS services. This shift aimed to support especially those restaurant owners new to the country, helping them with technological and marketing needs.[6]

Business Model and Strategic Shifts

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On January 25, 2024, Chowbus announced a significant change in its business model when Fantuan Delivery, another Asian-food delivery service based in Vancouver, acquired its food delivery operations.[7] Post-acquisition, Chowbus has shifted its focus entirely towards the development and enhancement of its SaaS and POS services for restaurants.[8]

Funding

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Throughout its development, Chowbus has successfully raised a total of $108.3 million across seven funding rounds.[9] The company's funding journey began with a $4 million seed round led by Greycroft Partners and FJ Labs.[10] Notably, in July 2020, Chowbus secured a $33 million Series A funding round, followed by an additional $30 million from existing investors in October of the same year.[11]

Most recently, on August 3, 2023, Chowbus raised $40 million in a round that included investors such as Prysm Capital, FJ LAbs, and Celtic House Asia Partners.[12][13]

Recognition

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In recognition of its rapid growth and impact, Chowbus was listed in the Marketplace 100 by Andreessen Horowitz in February 2020.[14] Ranking No. 78, Chowbus was highlighted as one of the largest and fastest-growing consumer-facing marketplace startups in the U.S., and it stood out as one of only 13 companies from the Midwest featured in this prestigious list, including seven from Chicago.[15]

References

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  1. ^ Dallke, Jim (October 14, 2020). "Asian food delivery startup Chowbus raises another $30M". Bizjournals.
  2. ^ Ellichipuram, Umesh (2024-01-25). "Fantuan acquires Chowbus food delivery business". Verdict Food Service. Retrieved 2024-05-08.
  3. ^ Clark, Kate (2019-01-24). "Asian food delivery startup Chowbus raises $4M". TechCrunch. Retrieved 2024-05-06.
  4. ^ fodnews (2021-09-20). "Linxin Wen | CEO, Chowbus". Food On Demand. Retrieved 2024-05-06.
  5. ^ Hall, Christine (2024-01-24). "Fantuan acquires Chowbus' food delivery business". TechCrunch. Retrieved 2024-05-06.
  6. ^ "Fantuan Acquires Chowbus Delivery Business Line, Paving the Way for a Dynamic Strategic Alliance in North American Food Scene". Yahoo Finance. 2024-01-24. Retrieved 2024-05-06.
  7. ^ Hall, Christine (2024-01-24). "Fantuan acquires Chowbus' food delivery business". TechCrunch. Retrieved 2024-05-06.
  8. ^ Ellichipuram, Umesh (2024-01-25). "Fantuan acquires Chowbus food delivery business". Verdict Food Service. Retrieved 2024-05-06.
  9. ^ Hall, Christine (2024-01-24). "Fantuan acquires Chowbus' food delivery business". TechCrunch. Retrieved 2024-05-08.
  10. ^ Clark, Kate (2019-01-24). "Asian food delivery startup Chowbus raises $4M". TechCrunch. Retrieved 2024-05-06.
  11. ^ www.bizjournals.com https://www.bizjournals.com/chicago/inno/stories/fundings/2020/10/14/chowbus-raises-another-30m.html. Retrieved 2024-05-06. {{cite web}}: Missing or empty |title= (help)
  12. ^ Fantuan. "Fantuan Acquires Chowbus Delivery Business Line, Paving the Way for a Dynamic Strategic Alliance in North American Food Scene". www.newswire.ca. Retrieved 2024-05-08.
  13. ^ "Chowbus完成两轮4000万美元融资，面向美国市场提供餐饮管理及POS业务". 36氪出海 (in Chinese). 2023-08-10. Retrieved 2024-05-08.
  14. ^ "Marketplace 100 2020 Edition". Andreessen Horowitz. Retrieved 2024-05-06.
  15. ^ Engel, Liz. "Chowbus, The Delivery App For 'Mom And Pop' Asian Restaurants, Just Raised $33 Million. So What's Next?". Forbes. Retrieved 2024-05-06.
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