Indonesia’s HappyFresh gets $20m Series C

The investors participated via the Mirae Asset-Naver Asia Growth Fund. Line Ventures, a unit of Naver subsidiary Line, Singha Ventures and Grab Ventures also contributed. The capital will be used for technology development, growth of the technical team, and geographical expansion. The company is currently active in eight cities across Indonesia, Thailand, and Malaysia.

Founded in 2014, HappyFresh operates a mobile app that allows users to order groceries from partnering retail chains. The company employs shoppers to fill the orders filed. It charges fees to both end-customers and merchants, and supplements revenue with online advertising. Previous expansion plans have included Taiwan and the Philippines.

Samena Capital led a Series B of undisclosed size in 2016 that was supported by Sinar Mas Digital Ventures (SMDV), and Vertex Ventures. Vertex and SMDV led a $12 million Series A the prior year with participation from 500 Startups, Asia Venture Group, Beenext, Ardent Capital, and Cherry Ventures.

Southeast Asia is experiencing rapid gains in mobile and internet penetration but cultural resistance to technology uptake among small to medium-sized enterprises has curbed the development of online-to-offline modes. Poor logistics options have further inhibited the regional e-commerce market, which will be worth $87.8 billion by 2025, according to Statista.  

“Our vision has always been to be in every single household in Southeast Asia and to democratize grocery delivery,” Guillem Segarra, CEO of HappyFresh, said, according to TechCrunch. “I believe that over the next five years, the grocery industry will change more than the last 50 and that’s driven by data and e-commerce.”

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• Topics
• Southeast Asia
• Consumer
• Expansion
• Indonesia
• Grab
• Technology
• TMT
• e-commerce
• Logistics