Indonesia’s cloud kitchen management company Yummy Corp has bagged $12 million in a Series B round led by SoftBank Ventures Asia.
Hong Kong-based Vectr Ventures, AppWorks, Quest Ventures, Coca Cola Amatil X and Palm Drive Capital also participated in the round, along with existing investors Intudo Ventures and Sovereign’s Capital.
Yummy Corp’s cloud kitchen business, Yummykitchen, is a full-service operator that rents out shared kitchen space and also works with partner brands to help them accelerate their reach.
Yummy Corp will use the funding to build on its partnerships with the F&B industry to expand the business.
Commenting on the investment, SoftBank Ventures Asia’s Harris Yang said, “Buoyed by the fast-growing food delivery market in Indonesia, Yummy has become the largest cloud kitchen management player in Indonesia. Given the Company’s strong expertise in the F&B industry and unique value proposition to brands, we believe that Yummy will continue to be the leader in this space.”
“We have seen unprecedented growth for Yummykitchen. With this funding, we will focus on our mission to take an active role in helping the F&B industry grow their delivery business, especially during this pandemic,” Yummy Corp CEO Mario Suntanu said.
Yummy Corp operates over 70 kitchens across Jakarta, Bandung, and Medan, making it the largest cloud kitchen network in Indonesia. It partners with more than 50 F&B brands, including veteran players Ismaya Group and Sour Sally Group, and emerging brands such as Padang Merdeka, Dailybox, and Hong Tang.
The F&B sector, which has been severely hit as the global pandemic, is seeing an uptick in segments driven by digital channels.
In October 2019, Yummy Corp secured a total of $7.75 million in Series A funding led by SMDV and Intudo Ventures.