F&B Tech News - December 2020
What's new in China, in Asia and in the rest of the World
for the Food and Restaurant tech businesses?
Every month, for now, we are sharing what we found interesting to know in terms of investments, trends, M&A, startups, tech in China, Asia, and in the rest of the World for everything related to Food, F&B and Restaurant Tech, because it's kind of the only thing we do at NextStepStudio.co.
This list is in no way exhaustive and the original purpose was for our team to remain on top of everything that is happening in our industry in link with our existing portfolio companies, and the area we are exploring for future projects.
We just decided to share it with anyone who could be interested.
We can also discover daily publication on our official Linkedin Page.
WHAT'S NEW IN CHINA?
1 - China to bring in law against food waste with fines for promoting overeating
A report by the China Academy Science found that in 2015 residents in big cities, including Beijing and Shanghai, wasted 17 to 18 million tons of food, or enough to feed 30 to 50 million people. A quarter of the waste was staple foods like rice and noodles, and about 18% of it meat, the report said.
[...]The draft law also stipulated potential fines for a broadcaster – radio, TV, or online – which produces publishes or disseminates the promotion of food waste, including overeating. Failing to heed a formal warning by government authorities could result in penalties of up to 100,000 yuan, and the suspension of business “for rectification”.
3 - HungryPanda raises $70M for a food delivery app aimed at overseas Chinese consumers
Today came the latest development in that story: HungryPanda, which makes a Mandarin-language app specifically targeting Chinese consumers outside of China, has raised $70 million to continue its global expansion in delivering food from Chinese restaurants and Asian grocery stores targeting the Chinese diaspora.
6 - The trends to watch in China in 2021
The International Monetary Fund has recently predicted the Chinese economy will grow by 1.9% this year, making it the only G20 economy to register positive growth in 2020. Moreover, China and 14 countries on the East Asian continent and Australia and New Zealand last month signed a free trade agreement [...]. This diverse mix of nations in terms of size, economic system and culture is set to give a significant boost to the intra-zone food trade, with China as the core importer.
WHAT'S NEW IN ASIA?
8 - WhatsApp launches Carts for small businesses to sell in app, online
The Carts feature will allow customers to quickly add goods or services they want from a business’ catalog, and then send the order as one message to the business. WhatsApp says this makes it easier for customers to order products and for businesses to keep track of order inquiries.
10 - Zomato Teams With InCred For Loans To Restaurants In India
In an effort to provide credit facilities to its eatery partners, India-based food delivery platform Zomato is said to have collaborated with FinTech firm InCred. The country’s flourishing food delivery sector is among the segments most impacted by the pandemic, according to a report from IBS intelligence.
WHAT'S NEW IN THE REST OF THE WORLD?
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