The report added that an undisclosed angel investor also participated in the seed round.
The company will use the new funds to increase its headcount and product offerings. In return, it hopes that these efforts will help to bring in new customers and retain existing ones.
Founded in 2014, BoxGreen launched its service in May 2015. Since then, it claims to have shipped more than 75,000 snack boxes to more than 2,000 subscribers. The company charges S$19.90 per box, and users can select the range of frequency they would like the company to deliver. Each box comes with four snack varieties, 12 bags of snacks, and users can also choose the sort of snacks they would like included.
BoxGreen has plans to expand into Malaysia, followed by other markets in the region. Walter Oh, Co-founder, BoxGreen told Tech in Asia, “Inventory management and supply chain remain the biggest hurdles to get our snacks out but thankfully we are partnered with an experienced snack manufacturer, with decades of snack manufacturing expertise to enable us to scale.”
Khailee Ng, Managing Partner, 500 Startups, also said, in a statement that more people are thinking about what they put in their bodies, as the middle class in Asia continues to grow. He added, “Functional tools that provide health benefits and reduce the risk of disease are going to be successful in the coming years, and we believe BoxGreen is well positioned to meet the need.”
In Asia, there have been a growing number of subscription box services targeting healthy eating. One example would be Grain, a Singapore-based company that secured $1.7 million in a Series A round led by NSI Ventures, 500 Startups, DMP, and the founder of Thai Express in January 2016.