Resurgent HappyFresh raises $20M for its online grocery service in Southeast Asia

TechCrunch | 4/22/2019 | Staff
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It’s been a tricky past few years for HappyFresh, the startup seeking to bring Instacart-like grocery deliveries to Southeast Asia. It’s been through a series of rebuilding measures, but there’s light at the end of the tunnel after it announced a $20 million Series C.

Launched in 2015, HappyFresh quickly raised $12 million to expand its vision of digital deliveries across Southeast Asia. In late 2016, however, the tough economics of its business saw it pull out of two markets, as it raised an undisclosed Series B. It then started 2017 with a new CEO and an effort to become financially sustainable.

Today - Service - Indonesia - Thailand - Malaysia

Today, the service is active in Indonesia, Thailand and Malaysia where it works with supermarkets and other retailers to let customers order groceries online. Same-day delivery is provided by HappyFresh staff — the target is a one-hour window and the process is handled via its website and mobile apps.

HappyFresh has been pretty quiet of late but today it piped up to disclose its Series C, which is led by the Mirae Asset-Naver Asia Growth Fund — a joint fund between South Korean financial firm Mirae and Line parent Naver — with participation from Line Ventures, Singha Ventures from Thailand and Grab Ventures, the investment arm of ride-hailing giant Grab. Other investors include Samena Capital from the Middle East, Vertex Ventures, Sinar Mas Digital Ventures (SMDV), 500 Startups and BeeNext.

Grab - Investment - Year - HappyFresh - Platform

Grab’s investment came last year — after HappyFresh joined as its inaugural platform partner — and HappyFresh CEO Guillem Segarra said the company decided to “opportunistically put a round together” since it had interest from others.

“Our vision has always been to be in every single household in Southeast Asia and to democratize grocery delivery,” Segarra told TechCrunch in an interview. “I believe that over the next five years, the grocery industry will...
(Excerpt) Read more at: TechCrunch
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