(Source: Inside Retail Philippines | 30 August 2016)
Happy Fresh is giving up on the Philippines.
While announcing it has raised series-B funding for an undisclosed amount, Jakarta-based grocery delivery platformHappyFresh has revealed that it is pulling out of the Philippines and Taiwan.
HappyFresh CEO Markus Bihler says the decision to quit the two markets is because of the company’s “crucial goal” of focusing on its core markets.
Its decision to consolidate the company to Indonesia, Malaysia and Thailand came just six months it entered the Philippines and less than a year since it launched in Taiwan.
HappyFresh’s latest funding round was led Dubai-based Samena Capital, with Bihler saying a major reason for the partnership is the private equity firm’s status as a leading investment firm for logistics. The firm also has “significant” ties to offline retail, which is the second arm of the HappyFresh business.
Other participants in the round were Vertex Ventures, an arm of Singapore’s Temasek Holdings, Sinar Mas Digital Ventures of Indonesia’s Sinarmas Group, and Endeavor Catalyst, a New York-based venture arm of Endeavor Capital.
Thinking it “unnecessary” to bring attention to the funding amount, Bihler only says it was larger than the $12 million Series A capital raised last September.
Read more: https://insideretail.ph/happyfresh-slams-door-on-philippines/