Indonesian cloud kitchen platform Yummy Corp on Friday announced that it has raised USD 12 million in a SoftBank Ventures Asia-led Series B round. Other big names such as Appworks, Coca Cola’s VC arm Amatil X, and Quest Ventures also participated, along with existing investors such as Intudo Ventures and Sovereign’s Capital.
“We have seen unprecedented growth for Yummykitchen,” said CEO Mario Suntanu. “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.”
Santanu further told KrASIA that they will use the fresh capital to expand to more major cities in Indonesia and to invest in technology. AI and analytics will be a major focus for business development, Santanu said.
Founded back in 2017, the company provides cloud kitchen and catering services. In 2019, it launched Yummykitchen which now runs over 70 outlets across Jakarta, Bandung, and Medan. The company rents out shared kitchen space to local culinary brands and delivery platforms. Yummykitchen claims to partner with more than 50 F&B brands, including popular names such as cold dessert seller Sour Sally.
Yummy Corp raised USD 7.75 million in a Series A funding in 2019, which was led by Sinarmas Digital Ventures (SMDV) and Intudo Ventures. In the same year, it acquired Indonesia’s first online catering company Berrykitchen.
Booming sector
The cloud kitchen industry is progressing fast in Indonesia, especially since the pandemic prompts people to earn additional income, usually by selling food and beverages as online demand is increasing. Cloud kitchens, which don’t allow dining-in, require less capital than traditional F&B businesses.
On-demand apps such as Gojek and Grab have been exploring the sector since 2018. GrabKitchen already operates 48 cloud kitchens in seven cities, while Gojek’s Dapur Bersama (“public kitchen” in Indonesian) runs 27 outlets.