Indonesia grocery platform HappyFresh closes $65m Series D

Korea's STIC Investment and LB Investment also took part. They were joined by Mirae Asset Indonesia and Singapore, Mirae-Asset Naver Asia Growth Fund, and Japan's Z Venture Capital (ZVC), formerly YJ Capital.

Samena Capital was the largest shareholder with a 20% stake as of the Series C in 2019, which raised $20 million from Naver, Mirae Asset Capital, Mirae Asset-Naver Asia Growth Fund, Singha Ventures, and Grab Ventures. Line Ventures, a unit of Naver subsidiary Line that recently merged with YJ Capital to form ZVC, also joined the round.

HappyFresh claims to be the fastest growing grocery platform in Southeast Asia. The company operates a mobile app that allows users to order groceries from partnering retail chains and employs shoppers to fill the orders filed. It charges fees to both end-customers and merchants, and supplements revenue with online advertising.

HappyFresh partners with more than 150 supermarkets and specialty stores across Indonesia, Malaysia, and Thailand; it retreated from Taiwan and the Philippines in 2016 citing a desire to focus on core markets. Business is said to have accelerated rapidly during the pandemic although the company has yet to achieve long-term profitability.

The company raised $12 million in 2015 for its Series A, which was led by Vertex Ventures and Sinar Mas Digital Ventures (SMDV) with participation from 500 Startups, Asia Venture Group, Beenext, Ardent Capital, and Cherry Ventures. Samena led a Series B of approximately the same size the following year with support from SMDV and Vertex.

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• Topics
• Southeast Asia
• Expansion
• Consumer
• Indonesia
• STIC Investments
• LB Investment
• YJ Capital
• e-commerce
• Food
• TMT