Kedai Sayur, an Indonesian startup that empowers vegetable hawkers by utilizing technology, has raised $4 million in a new funding round led by Southeast Asia and Japan-focused-early-stage venture capital firm East Ventures, according to an announcement.
Other investors who participated in the investment include Indonesia’s SMDV, Triputra Group, and Multi Persada.
The capital raised will be used by the startup to onboard more vegetable hawkers and retailers on its platform and extend its network of sources and suppliers, besides sprucing up technology.
Founded in late 2018, Kedai Sayur (which means ‘Vegetable Kiosk’) has built a network of daily produce distribution, paving the way for local vegetable hawkers to connect with farmers on one platform.
The startup claims to provide over 300 products in its distribution centre – all accessible to the vegetable hawkers it has partnered with, referred to as ‘Mitra Sayur’.
Since its inception, the 9-month-old startup has enjoyed a notable growth number of Mitra Sayur by 520 per cent, it said in a statement.
“From day one, we aim to create a tangible impact for all the fresh produce hawkers and allow them to enjoy a higher quality of life. We are delighted to witness the constantly increasing purchase value experienced by all of our Mitra Sayur, and how most of them can even double the amount within the first six months,” said Adrian Hernanto, co-founder and CEO, Kedai Sayur.
East Ventures is an early-stage venture fund focused on Southeast Asia and Japan. Over the years, East Ventures has invested in a slew of companies across countries such as Indonesia, Singapore, Japan, Malaysia, Vietnam, and Thailand.
Earlier this weak, the VC firm announced the closure of its sixth fund at $75 million that surpassed its initial $30-million target.
The announcement confirmed a July report by DealStreetAsia that said the Jakarta-based VC had managed to raise over $70 million for its new fund.
In a statement, East Ventures said its latest fund is backed by high net-worth individuals including Meituan-Dianping CEO Wang Xing, Facebook co-founder Eduardo Saverin and Razer co-founder Kaling Lim.