AAA HappyFresh wraps up $20m series C

HappyFresh wraps up $20m series C

Mirae Asset-Naver Asia Growth Fund, the vehicle formed by internet company Naver and investment firm Mirae Asset Daewoo, has led a $20m series C round for Indonesia-based groceries delivery service HappyFresh, TechCrunch has reported.

Line Ventures, Singha Ventures, Sinar Mas Digital Ventures (SMDV) and Grab Ventures, respective subsidiaries of messaging platform Line, beverage producer Singha, paper and palm oil conglomerate Sinar Mas and ride hailing service Grab, also took part in the round.

The investors were filled out by Samena Capital, 500 Startups, BeeNext and Vertex Ventures, a venture capital subsidiary of Singaporean state-owned investment firm Temasek.

HappyFresh has developed an online platform in Indonesia, Thailand and Malaysia that allows customers to organise and receive grocery deliveries from supermarkets. It had raised more than $12m in a 2016 round led by Samena that included SMDV, Endeavor Catalyst and Vertex Ventures.

That round came a year after the company secured $12m in a series A round featuring SMDV, Vertex Ventures, Beenext, 500 Startups, Asia Venture Group, Ardent Capital and Cherry Ventures.

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