BDA advises HappyFresh on US$65 million Series D capital raise

series D capital raise led by


BDA Partners is pleased to announce that its client, HappyFresh, has successfully raised US$65m in Series D funding led by Naver Financial Corp and Gafina BV, followed by STIC, LB Investment, and Mirae Asset Indonesia & Singapore. Existing investors such as Mirae Asset-Naver Asia Growth Fund and Z Venture Capital also participated in the current round. The round exceeded initial targets, due to significant demand from new and existing investors. BDA was exclusive financial advisor to HappyFresh on the transaction.

HappyFresh is SE Asia’s leading online groceries platform, headquartered in Jakarta with operations in Indonesia, Malaysia and Thailand.

HappyFresh’s services include online groceries for mass customers and pantry supplies for corporate clients, partnering with well-known retail chains since 2015. Over the past 18 months, HappyFresh has been experiencing unprecedented growth. Many new families across the region have turned to HappyFresh as the safest way to get their groceries delivered during the pandemic.

In 2020, traffic has grown by factors of 10x-20x across the three countries where HappyFresh operates, which has translated into strong growth in topline, as well as both new and repeat customers, and improved economics, providing confidence to investors that HappyFresh is ideally positioned to seize the tremendous opportunity within the grocery space in SE Asia.

Guillem Segarra, CEO, HappyFresh said: “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.”

HappyFresh plans to use the growth funding to improve user experience, enlist a larger fleet and enhance service offerings and customer support. HappyFresh will also invest heavily in providing an ever more convenient and safe service, by enhancing the existing operating model, together with partnerships that the company has made with supermarket retailers across ASEAN.

Jeff Acton, Partner and Head of Technology, BDA, said: “We are delighted to have advised HappyFresh on this growth transaction, at the intersection of Tech and Consumer. Demand for grocery delivery services has surged across Asia because of the pandemic. We expect to see increasing activity in the space, given the fundamental shift in consumer behaviour towards ecommerce and online retail, across all age groups.”

About HappyFresh

HappyFresh is the first and fastest-growing online grocery platform in SE Asia.  Founded in 2014, HappyFresh was launched by skilled entrepreneurs, using their experience in building international companies to revolutionise the online grocery market in Asia. Together with an all-star team based in Jakarta, HappyFresh has quickly expanded to Malaysia, Indonesia and Thailand, with ambitious growth plans. HappyFresh will be launching in more SE Asian cities in the near future. HappyFresh partners with supermarkets to bring customers their favourite products. HappyFresh enables customers to easily order from their favourite supermarkets, via its website and mobile app. HappyFresh.com

About BDA Partners

BDA Partners is the global investment banking advisor for Asia. We are a premium provider of Asia-related advice to sophisticated clients globally, with over 20 years’ experience advising on cross-border M&A, capital raising, and financial restructuring. We provide global reach with our teams in New York and London, and true regional depth through our seven Asian offices in Mumbai, Singapore, Ho Chi Minh City, Hong Kong, Shanghai, Seoul and Tokyo. BDA has deep expertise in the Chemicals, Consumer & Retail, Health, Industrials, Services and Technology sectors. We work relentlessly to earn our clients’ trust by delivering insightful advice and outstanding outcomes.

BDA Partners has strategic partnerships with William Blair, a premier global investment banking business, and with DBJ (Development Bank of Japan), a Japanese government-owned bank with US$150bn of assets.

US securities transactions are performed by BDA Partners’ affiliate, BDA Advisors Inc., a broker-dealer registered with the Securities and Exchange Commission (SEC). BDA Advisors Inc. is a member of the Financial Industry Regulatory Authority (FINRA) and SIPC. In the UK, BDA Partners is authorised and regulated by the Financial Conduct Authority (FCA). In Hong Kong, BDA Partners (HK) Ltd. is licensed and regulated by the Securities & Futures Commission (SFC) to conduct Type 1 and Type 4 regulated activities to professional investors. www.bdapartners.com