Singapore-based healthy food chain SaladStop! Group has raised $8.8m (S$12m) in a Series B investment round that will provide support for its digital transformation.
The oversubscribed round was led by Temasek and joined by new investors, which included Vulcan Capital, K3 Ventures and East Ventures.
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In addition to the new investors, DSG Consumer Partners, an existing investor, also participated in the investment round.
Established in 2009, SaladStop! Group has four brands, namely SaladStop!; Heybo; Wooshi; and GoodFoodPeople, which operate using a hybrid online and offline model.
The chain currently operates 69 outlets in seven countries across the Asia Pacific (APAC) region, namely Singapore, Hong Kong, Indonesia, Vietnam, the Philippines, Japan and Korea.
The chain has also established its presence in the Spanish market.
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By GlobalDataProceeds from the latest funding round will be used for investment in proprietary technologies, as well as to expand the company’s presence into four new Asian markets by 2025 and enhance its Cloud kitchen model across second-tier cities.
The company also plans to focus its investment on food sustainability, ingredient traceability and the aim of opening its first net-zero outlet in 2022, which will support Singapore’s 30×30 goals.
SaladStop! Group co-founder and CEO Adrien Desbaillets said: “Our mission is to shape the future of food in Asia and to ensure that healthy food is convenient and accessible to everyone. This fundraising round is a major milestone for us.
“Fuelled by innovative and proprietary technologies, a network of Cloud kitchens and a new generation of transparent, tech-enabled and scalable health food brands, we are excited to be partnering with such strategic and value-aligned investors to dramatically scale the business to new heights.”
