Jakarta-based online grocery startup HappyFresh raises $12m in Series A led by Vertex, Sinar Mas

HappyFreshs personal driver will deliver the purchased grocery to customers within the hour. Image from HappyFresh.

Jakarta-headquartered online grocery shopping startup, HappyFresh has completed a funding round of $12 million led by Singapore’s Temasek Holdings‘ venture arm, Vertex Ventures, and Sinar Mas Digital Ventures (SMDV), the venture arm of Sinar Mas Group of Indonesia.

Other investors participating in the Series A round include Asia Venture Group, Beenext, Ardent Capital500 Startups and Cherry Ventures, the company announced on Monday.

HappyFresh first launched its next-hour online grocery delivery service in March in Indonesia and Malaysia, and has since expanded its operations to Thailand and Taiwan.

Chief executive officer and co-founder Markus Bihler said, the funds will be utilised for continued investment into enhancing HappyFresh’s product and service offerings and to build the company into a regional food tech group.

“We are very happy to partner with Vertex – one of the strongest and most reputable investors across Southeast Asia – and SMDV – which is affiliated with Sinar Mas – one of Indonesia’s most established industrial groups. We are looking forward to benefitting from their strong networks to further expand our footprint across Southeast Asia,” he said in a statement.

“This is a business model which clearly benefits the supermarkets and the consumers. Its capital efficient model allows it to scale easily and very quickly,” Vertex managing director Joo Hock Chua said. Chua will join the board of HappyFresh.

“Markus and his team are experienced entrepreneurs and they have demonstrated strong execution capability. Vertex is happy to lead this round of investment. We will bring our experience and global network to help HappyFresh,” he added.

HappyFresh was founded in October 2014 by Bihler, Benjamin Koellmann and Fajar Budiprasetyo. It partners well-known retail chains to bring customers a full and varied selection of items at a range of price points. HappyFresh’s professionally trained personal shoppers help customers pick the best products, delivered to them within the following hour via the company’s advanced on-demand logistics network.

Also read: Grocery shopping app HappyFresh launches in KL, eyes Jakarta

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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.