Southeast Asian HappyFresh startup raises $12m in Series A funding

By | September 15, 2015

HappyFresh, a grocery shopping startup has raised $12 million in Series A funding round led by Singapore’s Temasek Holdings’ venture arm, Vertex Ventures, and Sinar Mas Digital Ventures (SMDV), the venture arm of Sinar Mas Group of Indonesia. The round included other participants like Asia Venture Group, Beenextt, Ardent Capital, 500 Startups and Cherry Ventures.


Launched in October 2014 in Indonesia and introduced its next-hour delivery, HappyFresh is an online grocery delivery service with an aim to promote access to healthy ingredients. It’s professionally trained personal shoppers help customers pick the best products, deliver to them within the following hour through the company’s advanced demand logistics network. Headquarterd in Jakarta, the company expanded its services to Thailand and Taiwan. Initially the company had trouble in delibrating traffic in Southeast Asian urban hubs like Bangkok and Jakarta.

Benjamin Koellmann co-founder and COO of HappyFresh said that the startup targets the high-end market and has teamed up with higher-end retailers. He said, “we want to be the number one online grocery marketplace in this region, so the expansion will continue. We have a strong and experienced local managing directors who run each market with a local team, and they are supported by our headquarters here in Indonesia.”

The fresh funds has been planned to be invested into improving HappyFresh’s product and service offerings and to build the company into a regional food tech group. CEO and co-founder Markus Bihler said, “We are very happy to partner with Vertex – one of the strongest and most reputable investors across Southeast Asia – and SMDV – which is affiliated with Sinar Mas – one of the Indonesia’s most established industrial groups. We are looking forward to benefitting from their strong networks to further expand our footprints across Southeast Asia.” He also added, “We have deliberately chosen two investors with a very strong pan-Southeast Asian and local networks to be able to get support in each of the countries that we are, or will be, operating in across. These are not international hedge funds somewhere on the other side of the world, they are some of the most reputable, most connected, most resource-rich investors for this region.”

Joo Hock Chua, managing director of Vertex said, “This is a business model which clearly benefits the supermarkets and the consumers. Its capital efficient model allows it to scale easily and very quickly. Markus and his team are experienced entrepreneurs and they have demonstrated strong execution capability. Vertex is happy to lead this round of investment. We will bring our experience and global network to help HappyFresh.”