Honestbee said to temporarily halt Malaysia operations

Singapore-headquartered grocery and food delivery startup Honestbee is temporarily suspending its operations in Malaysia from July 22, Channel News Asia reported on Thursday.

The move comes shortly after the service provider halted its food delivery service in Singapore as part of a strategic review of its business in May.

“After a strategic review of our company’s businesses, our headquarters in Singapore has made a firm decision to temporarily suspend our operations in Malaysia,” Honestbee said in an announcement to its food partners, which was seen as CNA.

DealStreetAsia has reached out to Honestbee for comment.

In May, Honestbee announced that it was halting its food delivery service in Singapore, and temporarily suspending its laundry services as part of an in-depth strategic review of the business.

The decision was made to optimise the business structure, and to drive better focus and alignment with Honestbee’s current strategic priorities, said the startup. Honestbee will continue to operate the grocery delivery service, and its physical store – Habitat by Honestbee.

Besides Singapore, Honestbee had also suspended its operations in Hong Kong, Indonesia, Japan and the Philippines.

In a recent report by Malay Mail, HonestBee had said its Malaysian operations were still “going strong”, particularly in the urban areas of Klang Valley, Johor Bahru and Penang.

DealStreetAsia had in May reported that Honestbee is seeking to raise S$20 million ($14.5 million) in bridge financing, and is open to raising this capital via convertible loans/warrants at double-digit interest rates, for a term of 6-12 months.

Last year, Honestbee was reported to have raised $49 million from Yesco, a subsidiary of LS Group, one of South Korea’s chaebols. Interim CEO Brian Koo, the founding member of Silicon Valley’s Formation 8, is also an investor.

This week, news emerged of the exit of Honestbee’s vice president of marketing, Christina Lim, after a year into the role.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.