Honestbee secures $15 million funding from Formation 8

By | October 22, 2015

Honestbee, a Singaporean fast-growing on-demand concierge and delivery service company, has secured $15 million in first round of funding led by Formation 8 along with Pejman Mar Ventures, Gideon Yu, Owen T.Van Natta and Steve Chen.


Being the first concierge grocery delivery service in Asia, Honestbee fulfills all the delivery service needs for all household and grocery needs. Once the order is placed, the company’s trained shoppers handpick groceries from the same grocery stores and brands that the customers chooses. In the matter of eight months, it has strengthened its team to around 100 people. It has partnered with supermarket chains in Singapore NTUC Fairprice and Cold Storage, pet products retailer Pet Lovers Center and specialty retailers like Gastronomia da Paolo, Crystal Wines and Four Seasons Organic.

With the fresh funds, Honestbee plans to expand to other countries in Asia. As a first step to it, it launched services in Hong Kong as a one-stop shop for a range of products to meet the needs of busy customers. Issac Tay said, “We are very excited and blessed to have been able to attract support from some of the most successful entrepreneurs and investors. Honestbee will benefit tremendously, as we now have immediate access to the top minds who have built the most valuable technology companies in the world today, such as Amazon, YouTube, Google, Square, Dropbox, DoorDash and Palantir.”

Brian Koo, founder of Formation 8 said, ” Formation 8 believes that the hyper-local on-demand market plays a significant role in the way commerce will evolve. Given the increasing population density across all the key cities in Asia due to job and wealth creation, this is right time and opportunity.” He also added, ” Consumers now demand higher levels of access to convenience. With honestbee’s superior partnership network and its strong focus on building a world-class technology company, they will be well-positioned to quickly own this market.”