Indonesia-based grocery delivery platform HappyFresh has closed a $65m series D round featuring internet groups Naver and Z Holdings, DealStreetAsia has reported, citing regulatory filings.
Naver subsidiary Naver Financial Corporation and a vehicle called Gafina co-led the round, which included investment firm Mirae Asset’s Indonesia and Singapore-based subsidiaries.
Mirae Asset-Naver Asia Growth Fund, a joint venture between Naver and Mirae Asset, also took part, while Z Venture Capital did so on behalf of Z Holdings, a joint venture between Naver and telecommunications and internet group SoftBank.
Founded in 2014, HappyFresh has built an app that enables users in its home country and other Southeast Asian markets such as Thailand and Malaysia to order groceries and other household items that are then delivered from local supermarkets.
Mirae Asset-Naver Asia Growth Fund had led a $20m series C round for the company in 2019 that included Line Ventures, messaging app Line’s corporate venturing unit now under Z Venture Capital, as well as Singha Ventures, Sinar Mas Digital Ventures (SMDV) and Grab Ventures, part of brewery Singha, conglomerate Sinar Mas and ride hailing service Grab respectively.
Samena Capital, 500 Startups, BeeNext and Vertex Ventures, a vehicle for Singaporean government-owned investment firm Temasek, filled out the participants in the series C round.
HappyFresh had completed a series B round of undisclosed size (that exceeded the series A amount) in 2016 led by Samena and backed by SMDV, Endeavor Catalyst and Vertex Ventures.
SMDV, Vertex Ventures, BeeNext and 500 Startups had all taken part in the company’s $12m series A round the year before, investing together with Asia Venture Group, Ardent Capital and Cherry Ventures.
