Indonesia’s restaurant discovery app secures $8m

New investor GWC also participated, alongside existing backers including Convergence Ventures, 500 Startups, Toivo Annus and M&Y Partners. The agreement was signed during a visit to Silicon Valley by Indonesia's technology and communications minister.

Qraved was co-founded by Steven Kim in 2013, who was previously a managing director at Rocket Internet. It offers an online restaurant directory, which covers more than 25,000 venues in Jakarta and Bali. In addition to search services, the app provides user-generated reviews, ratings and photos and discount offers. The company claims to have over one million monthly users across its platforms.

Indonesians spend more than $30 billion at food venues annually, according to Euromonitor. In recent years, dining out and delivery services have been the fastest growing verticals in food and beverage.

"We are able to leverage our insights from Latin America and China to identify disruptive, high potential businesses from around the world. Steven impressed us with his passion and grit to build a full stack food tech, business for Indonesia and beyond," David Frazee, managing partner at Richmond Global Ventures, said in a statement.

The new capital will be used to further develop the company's mobile and web applications with new features and expand market share in Indonesia through marketing and promotions.

Established in 2002, Gobi has invested in more than 100 companies in China and the ASEAN region. Recent investments in Southeast Asia include Malaysian cross-border cosmetics e-commerce platform Hermo and Bankok-based workplace messaging app Eko Communication.

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• Topics
• Southeast Asia
• Venture
• Consumer
• Expansion
• Indonesia
• Consumer
• TMT
• Venture
• Gobi Partners
• Growth capital
• 500 Startups