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The last few years have been difficult for HappyFresh, the start-up seeking to make Instacart-type grocery deliveries in Southeast Asia. We went through a series of rebuilding measures, but the end of the tunnel was enlightened after the announcement of a C $ 20 million series.
Launched in 2015, HappyFresh quickly raised $ 12 million to expand its vision of digital delivery across South East Asia. By the end of 2016, however, the difficult economic situation of his company forced him to withdraw from two markets, raising an undisclosed B series. She then started in 2017 with a new CEO and an effort to become financially viable.
Today, the service is active in Indonesia, Thailand and the Philippines, where it works with supermarkets and other retailers to allow customers to order groceries online. The same day delivery is provided by HappyFresh staff – the target is an hour window and the process is managed via its website and mobile applications.
HappyFresh has been rather quiet lately, but today it announced the release of its C Series, which is led by the Mirae Asset-Naver Asia Growth fund, a joint fund of the South Korean financial firm Mirae. and Naver, with the participation of Line Ventures. , Singha Ventures (Thailand) and Grab Ventures, the investment arm of giant Grab. Samena Capital is one of the other investors. Middle East, Vertex Ventures, Sinar Mas Digital Ventures (SMDV), 500 startups and BeeNext.
Grab's investment was made last year – after HappyFresh became its inaugural platform partner – and its CEO, Guillem Segarra, said the company had decided to "set up a round table of opportunistically "because it aroused the interest of others.
"Our vision has always been to be in every home in Southeast Asia and to democratize the delivery of groceries," Segarra told TechCrunch during an interview. "I think that over the next five years, the grocery sector will change more than the last 50 years, thanks to data and e-commerce."
Specifically, he stated that the company was considering using the new capital to double its technology, which includes increased customization for customers when they make their purchases, as well as a more efficient logistics . Segarra also revealed that he was planning to return to the expansion mode, although this was different from the way HappyFresh had launched new markets in the past.
"When we look at expansion, we will be very careful and go to cities where we think there is a long-term profitability trajectory. [while we are also] making sure that before we go there, we understand the appetite for our service, "he explained.
"It's now a very market-oriented approach [to expansion] Rather than simply putting a flag on the map, you will see small deployments in markets that make sense, we are in no hurry, "he added.
In fact, Segarra claimed that the company was already profitable in the markets in which it operated. In addition to the initial cost reduction, Segarra explained that the new focus on sustainability comes from the focus on technology and the retailers HappyFresh works with, as well as front-end partners like Grab who help create demand for its services to consumers.
"We learned a lot [from the past retrenchment and] Over the past two years, we have focused on our core markets. You must have the right group of partners, ranging from supermarkets to the best funnel that generates the traffic. We believe we have the right partners at the top of the funnel [and we will] go to new markets when we have enough firepower for the long term, "he explained.
HappyFresh funding comes in a time of crisis for its closest rival, HonestBee. Tech In Asia reports that the startup has "temporarily suspended" its activity in Philipinnes and proceeded to layoffs in the country, Indonesia and Thailand. In total, the start-up would have fired 50 to 70 of its approximately 1,000 employees, while key executives have left the company in recent months.
Unlike HappyFresh, HonestBee is active in eight countries and has expanded to offer take-away meals. The company also has a physical store in Singapore, inspired by Alibaba and JD.com's efforts in China.
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