Qraved, an Indonesian foodtech startup announced it closing $8 million in Series B round of funding co-led by USA’s Richmond Global Ventures and Gobi Partners from Shanghai along with other participants like GWC and existing investors Convergence Ventures, 500 Startups, Toivo Annus and M&Y Partners.
Founded in 2013, Qraved is now Indonesia’s leading food discovery service, with more than one million monthly users across its web and mobile apps. Its service offers a restaurant directory, covering more than 25,000 venues in Jakarta and Bali, user-generated reviews, rating and photos and discount offers at many participating restaurants. Steven Kim, CEO of Qraved said, ” “In the same way that chat and transport apps have transformed how we communicate and travel every day, my vision is for Qraved to become the exclusive platform for Indonesian users to connect with food.”
With the fresh funds generated, Kim is quite sure that they are well-positioned for success in the market. The funds have been planned to invest to developing Qraved’s mobile and web apps with many other interesting features. It also plans to expand its operations in other parts of Indonesia and work on its marketing strategy.
Since late last year, Qraved has gained traction at a very fast rate with over 1 million monthly users growth within six months. Another added advantage of the startup is that it has partnered with Jakarta Smart City project as an exclusive F&B app that operates to help local culninary venues get discovered and endorse clean and reliable street food.
David Frazee, managing partner at Richmond Global Ventures said, “Steven impressed us with his passion and grit to build a full-stack, foodtech business for Indonesia and beyond.” Thomas Tsao, managing partner at Gobi Partners added, “Through its leading food discovery service, Qraved has found a new way to address the timeless question of ‘What’s for dinner?’”