Yummy Corp will be channeling the funds towards expanding within Indonesia, and bolstering its tech capabilities including AI and data
Jakarta-based cloud kitchen management company Yummy Corp has raised US$12 million in a Series B round of funding, the company announced in a statement today.
SoftBank Ventures Asia was the lead investor in the Series B, which saw participation from Hong Kong-based early-stage venture studio Vectr Ventures, Taipei-based accelerator AppWorks, Beijing-based venture firm Quest Ventures, Coca-Cola Amatil’s corporate venture arm Amatil X, and New York-based venture fund Palm Drive Capital, the statement noted.
Existing investors Indonesia-focused venture capital firm Intudo Ventures and California-based global private equity firm Sovereign’s Capital also participated in the round, the statement added.
“Our main focus will be on expansion to more major cities in Indonesia, and technology development to strengthen our innovative solutions to corporate and F&B brands,” CEO of Yummy Corp, Mario Suntanu told Jumpstart.
Suntanu added that artificial intelligence and analytics are major focus areas for the business going forward.
Yummy Corp is a 2017-founded cloud kitchen and online catering company that operates its cloud kitchen business Yummykitchen in Indonesia.
“Buoyed by the fast-growing food delivery market in Indonesia, Yummy has become the largest cloud kitchen management player in Indonesia,” Associate, Southeast Asia, at SoftBank Ventures Asia, Harris Yang said in the statement.
“Given the company’s strong expertise in the F&B industry and unique value proposition to brands, we believe that Yummy will continue to be the leader in this space. We are excited to support the team and help them scale their business in this emerging sector,” Yang added.
Yummy Corp’s cloud kitchen service Yummykitchen, launched in 2019, is a full-service Indonesian cloud kitchen operator, renting out shared kitchen spaces and undertaking operations for the company’s partner brands.
Yummykitchen has over 70 kitchens spread across Jakarta, Bandung, and Medan, and partnerships with over 50 brands, including Ismaya Group, Sour Sally Group, Padang Merdeka, Dailybox, and Hong Tang.
“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,” Suntanu said in the statement.
“We invite all F&B entrepreneurs, both large and small, to partner with us, so that together we not only survive this pandemic, but can also expand rapidly,” he added.
Buoyed by the rapid growth of delivery services and a burgeoning Internet economy, food delivery brands have grown by over 13 times in Indonesia, the highest such growth amongst Southeast Asian countries.
Moreover, cloud kitchens in Indonesia are seeing a period of growth, as an offshoot of heavy investments and promotions from the food delivery platforms such as GO-FOOD and GrabFood to encourage app-based food ordering.
This is especially so because cloud kitchens help to optimize Indonesia’s steep real-estate prices and manpower costs that dine-in outlets must contend with, helping F&B businesses become more cost-efficient.
Header image courtesy of Yummy Corp