Yummy was founded in 2017 under PT Kuliner Digital Sejahtera - Photo by BerryKitchen

JAKARTA (TheInsiderStories) – Cloud kitchen company under Ismaya Group, Yummy Corp., received series B funding worth of US$12 million from various new global venture capitals led by Japan’ SoftBank Ventures Asia. The company was founded in 2017 under PT Kuliner Digital Sejahtera.

The new global investors are Vectr Ventures from Hong Kong, Taiwan’ Appworks Ventures, Singapore’ Quest Ventures, Australia’ Coca Cola Amatil X, American firm, Palm Drive Capital, and Intudo Ventures, and Sovereign Capital. These new investors will join other funders have invested in the company from the start.

This series B funding continues the series A funding of $7.75 million have received in October 2019. SoftBank representative, Harris Yang, said with the support of the fast growing food delivery market, Yummy has become one of the largest cloud kitchen players in Indonesia.

CEO of the company, Mario Suntanu, revealed that the injection of funds will be used to help food and beverage (F&B) businesses through the delivery channels. He hopes that with this funding, his party can play an active role in helping the F&B industry across the country.

Recently, the provider officially acquired online catering service pioneer Berrykitchen, and plans to expand its services and deepen penetration in retail consumers. The company provides delicious, fresh, and creative food solutions for everyday corporate and group needs.

The operator give a new spin on food facility management and MICE catering, delivering a noteworthy experience while helping manage costs. Yummy managed more than 70 outlets operating across Indonesia, Singapore, Shanghai, and Dubai with more than 15 years of culinary experience.

Apart from Yummy, Softbank has also injected several startups like Uber, Ajaib, EV Hive, Tokopedia, and Grab. In Ajaib, the investment fund led a seed funding worth of S$2.1 million ($1.52 million) in funds with other investors Y Combinator, Alpha JWC, Insignia Ventures Partners. In Tokopedia, Softbank Vision Fund and Alibaba Group involved in the funding round with total values of $1.1 billion.

Since early of 2020, the company owned by Masayoshi Son, eyes more investment in Indonesia. After declared to invest $2 billion on July 2019, now the tycoon looking another investment in the new capital city projects. As known, the government has begun offered a new capital project worth of $35 billion to global and domestic investors.

Son was reluctant to disclose the investment value prepared for the project. But Son assured the investment was beyond the value he had delivered at the first meeting with Widodo with worth $2 billion for startups and electric car projects.

“We don’t discuss the specific numbers yet, but new smart cities, the latest technology, clean cities and a lot of AI. That’s what I’m interested in supporting,” he asserted.

US$1: S$1.38

Written by Editorial Staff, Email: theinsiderstories@gmail.com