OOCTANE, a $55-million Cambodian venture capital fund, has made its first investment in local food delivery service Muuve, per an official announcement.
The value of the deal was not disclosed, but the VC firm said it was a “strategic investment” that will help Muuve expand to new cities in Cambodia and strengthen its current operations.
OOCTANE general partner Tapas Kuila will join the board of the startup.
Launched in 2018, Muuve claims to differentiate itself from other players in the country by crowdsourcing its delivery partners. The company currently offers more than 18,800 food items via a network of over 350 restaurant partners.