Indonesia-based groceries delivery service HappyFresh has raised more than $12m in funding from investors including a subsidiary of paper and palm oil conglomerate Sinar Mas, Tech in Asia has reported.
Sinar Mas Digital Ventures invested together with private equity firm Samena Capital, which led the round, Endeavor Catalyst and Vertex Ventures, the venture capital unit run by the Singaporean state-owned firm Temasek.
HappyFresh operates an online platform through which users can organise grocery delivery from supermarkets with which the startup partners. It has around 300,000 customers, co-founder and CEO Markus Biehler told Tech in Asia.
The company did not disclose the size of the round, revealing only that it was bigger than its $12m series A round, which closed in September 2015 with contributions from Sinar Mas Digital Ventures, Vertex Ventures, Beenext, 500 Startups, Asia Venture Group, Ardent Capital and Cherry Ventures.
HappyFresh will put the funding toward enhancing its technology, and plans to cut its services in Taiwan and the Philippines to focus on Indonesia, Malaysia and Thailand as it looks to move into profitability.
– Photo courtesy of HappyFresh.