Yummy Corp bags US$12M Series B to grow its cloud kitchen brand in Indonesia
Other participants in the round include Vectr Ventures, Appworks, Quest Ventures, Coca Cola Amatil X, Palm Drive Capital, as well as existing investors Intudo Ventures and Sovereign's Capital, also co-invested.
This comes less than a year after the startup received a total of US$7.75 million in Series A, led by SMDV (Sinarmas Digital Ventures) and Intudo Ventures.
Launched in June 2019, Yummy Corp. is a cloud kitchen and online catering brand Yummykitchen, focused on using the latest technology to develop innovative solutions for corporates and F&B brands.
The startup not only rents out shared kitchen space but also carries out operational procedures on behalf of partner brands to help them accelerate their expansion and reach wider consumers.
To date, Yummy Corp. claims to have served over five million meals and has over 70 kitchens serving more than 50 brand partners to manage their daily F&B operations.
“We have seen unprecedented growth for Yummykitchen. With this funding, we will focus on our mission to take an active role in helping the F&B industry grow their delivery business, especially during this pandemic,” Mario Suntanu, CEO of Yummy Corp, said.
The year 2020 has been a relatively difficult year for many industries in Indonesia. Various restrictions placed in the effort to suppress the growth of pandemic cases have had many impacts across different sectors, including F&B.
However, some F&B businesses — especially those who have focused on digital channels — have actually shown a positive increase.
In March last year, Yummy Corp. acquired online catering service pioneer Berrykitchen for an undisclosed sum.