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.
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.