Online grocery platform HappyFresh announces $65m Series D funding

HappyFresh, an on demand grocery delivery venture based in Indonesia, has raised $65 million in a Series D round.

This was led by Naver Financial Corporation and Gafina, with participation from STIC, LB and Mirae Asset Indonesia and Singapore.

Returning investors Mirae-Asset Naver Asia Growth Fund and Z Venture Capital were also involved

HappyFresh, which was founded in 2014, previously raised a $20 million Series C in April 2019.

The new funding will be used to scale its operations, add more payment methods, improve user experience and increase its assortment of items.

HappyFresh CEO Guillem Segarra says: “We see a big shift in customers’ behaviour; retention and frequency rates have significantly increased while the overall basket size has been consistently growing.”

“We attribute this to a major shift in share of wallet from offline to online, which is here to stay.”

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— HappyFresh Indonesia (@HappyFresh_ID) July 6, 2021

Gopuff

Another rapid grocery delivery startup, Gopuff, is close to raising approximately $1 billion, valuing it at $15 billion, according to media reports.

The venture was last valued at $8.9 billion after a March funding round pulled in $1.15 billion.

The latest round will include participation from Blackstone Group, and also existing investor Fidelity.

Gopuff is using the cash to acquire new customers and build out its infrastructure.

This includes a micro-fulfilment centre that stocks around 3,000 products for the 650+ cities in the US where it currently operates its $1.95 flat fee “in minutes” delivery service.

It is also in the acquisition business. For instance, in June of this year it bought logistics tech company rideOS for $115 million.