Singapore-based e-commerce platform Honestbee has raised a total of $46m from investors including diversified conglomerate LS Group since its 2015 series A round, Tech in Asia reported on Monday.
LS invested in a $17.8m round in July 2017 through gas provider subsidiary Yesco, and the company’s backers include rubber product maker Hwaseung Enterprise and Brian Koo, a member of the family that owns LS, according to regulatory filings seen by Tech in Asia.
Founded in 2014, Honestbee runs an online food and grocery delivery service, allowing users to shop for items in nearby stores that are then collected by the company’s concierges and delivered to a customer’s door.
The company has also expanded into services such as laundry, in which it collects clothes that are then cleaned and delivered back to the customer, and event and attraction ticketing. It intends to eventually become an all-encompassing on-demand services provider.
Honestbee secured $15m in the 2015 round, which was led by Formation 8 and backed by Pear (then known as Pejman Mar Ventures) and angel investors Gideon Yu, Owen Van Natta, and Steve Chen.
Yesco owns a 41% stake in the company, followed by Kookmin Bank acting as trustee of asset manager WWG (29%), Brian Koo (14%), Hwaseung (7%), Koo Enterprises (6%), Frame Investment Capital (2%) and Finbold (1%).
