There must be a mixed vibe at HappyFresh office these days, since they have both good and bad news today.
First the good news, HappyFresh, an Indonesian on-demand grocery service has announced that they have raised an undisclosed amount of funding for their Series B round.
The Series B round was led by Dubai-based PE firm Samena Capital, more than $1 billion under management across different markets in Africa, the Middle East and Asia. Vertex Ventures and Sinar Mas Digital Ventures who led the $12 million Series A round last year, also took part in this round.
The new funding will most likely be used to expand to markets where Samena Capital has a presence like Middle East and North Africa.
Now the bad news, the company also announced that it close two of its office in Southeast Asia, namely in the Philippines and in Taiwan. The company did not specify the reason why they are shutting down their Philippines and Taiwan operations.
In an article on TechCrunch, CEO and co-founder Markus Bihler said that they will “concentrate” on its three other markets: Indonesia, Malaysia and Thailand. “We, of course, will provide job opportunities across the region but not everyone has the flexibility,” and that the change “underlines our focus on sustainability and profitability across the region.”
The company currently have nearly 1,000 staff and an unknown number of employees will be laid off and relocated if possible.
HappyFresh officially launched their service in the Philippines last March and have been in operation for 18 months now.
Last modified: August 30, 2016