Sayurbox Gets US$120 Million Series C Funding

TheIndonesia.co - Sayurbox, a startup that combines technology and groceries, announced that it has secured series C funding worth US$120 million or more than Rp1.7 trillion. The funding was led by Northstar and Alpha JWC Ventures, with participation from the International Finance Corporation (IFC).

Sayurbox was founded with a social mission to provide market access to local farmers through digitizing Indonesian agricultural supply chains. "The system and ecosystem we developed allow us to have full visibility of our entire agricultural supply chain, providing the best customer experience in terms of product selection, freshness, price, and on-time delivery. We are grateful for the trust of our customers over the years and are excited to partner with leading investors in Indonesia such as Northstar and Alpha JWC Ventures to take Sayurbox to the next level," said Sayurbox Co-founder and CEO Amanda Susanti in a press statement quoted on Thursday, March 24, 2022.

Since its founding in 2017, Sayurbox has recorded a growth in its services connecting farmers directly to consumers selling their farm and garden products. It counts that more than 5,000 agricultural products, meat, fish, and food from more than 10,000 farmers in Indonesia are available to 1 million customers in Java and Bali.

With the new funding, Sayurbox will accelerate its service penetration in new cities such as Bandung and several other cities, as well as expand Sayurbox's end-to-end supply chain nationwide.

"We strongly believe in empowering small and medium-sized businesses through technology. We know Amanda and have followed the growth of Sayurbox since 2017. According to our observations, Sayurbox is really serious about empowering small and individual Indonesian farmers through the Sayurbox e-grocery platform," said Co-Founder and Managing Partner of Northstar Patrick Walujo regarding the Series C funding received by Sayurbox.

According to Walujo, e-Grocery is the next front line for e-Commerce. "We are very pleased to be able to participate and collaborate with Amanda and her team to develop the Sayurbox platform throughout Indonesia," he said.

Meanwhile, IFC assesses that by utilizing the right digitization, Sayurbox has succeeded in bringing positive benefits to farmers, especially from the potential for economic improvement. “Upgrading digital platforms like Sayurbox can make a huge contribution to unlocking market and financial access and increasing prosperity for millions of farmers through increased cash flow and higher SME penetration rates,” said IFC Country Manager for Indonesia and Timor-Leste Azam Khan.

He further added, “That is why digitalization is a key pillar of our strategy and is now a real carrier of change in the business environment after COVID-19.”