Indonesian virtual catering company Dailybox raises $24m led by Northstar and Vertex

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Indonesian virtual multi-brand restaurant chain, Dailybox Group, has raised $24 million in a Series B funding round led by Northstar Group and Vertex Growth, the company announced on Monday. Existing investors Vertex Ventures Southeast Asia and India (VVSEAI) and Kinesys Group also participated in the round.

Dailybox plans to use the new investment to expand its operations across the country, particularly in Tier 2 and Tier 3 cities, improve technology capabilities and add more food and beverage (F&B) brands.

“Dailybox Group was founded with the aim of disrupting the F&B industry in Indonesia with various convenient comfort foods,” said Dailybox co-founder Kelvin Subowo. “Our strategic expansion plan in non-metropolitan cities will also create many jobs to support the local economy and consumers while strengthening our presence nationwide,” he added.

The company has more than 150 outlets in more than 20 cities in Indonesia.

Dailybox was founded in 2018 and claims to have increased revenue 16x since its seed funding stage. During the pandemic, the group recorded more than 100 times more transactions.

Dailybox Group has three brands: Dailybox, which offers comfort food in the form of rice boxes; Shirato, which sells sushi-burrito menus; and Breadlife, a bakery brand the company acquired last year.

“Dailybox Group has developed the formula to bring the best of local Indonesian cuisines to the masses, from Sumatra to Papua,” Tam Hock Chuan, chief executive of Vertex Growth, said in a statement.

Virtual restaurants or cloud kitchens are thriving in Indonesia following the increase in food deliveries over the past five years. Dailybox offers are available on GrabFood, GoFood, ShopeeFood and TravelokaEats.

It is estimated that online food delivery will contribute about 78.4 trillion rupees ($5.2 billion) to Indonesia’s digital economy by 2021. About 72% of consumers have more than one food delivery app on their smartphone, according to a survey conducted by Tenggara Strategics based on 1,200 consumers. in six cities.

Dailybox faces competition from other startups in this space such as Hangry and Yummy Corp. In April, Hangry raised $22 million in debt and equity from various investors, including Journey Capital Partners, Alpha JWC Ventures, and Genesis Alternative Ventures. Meanwhile, Yummy Corp secured undisclosed Series B+ funding last year from BRI Ventures’ Sembrani Nusantara following a $12 million Series B led by SoftBank Ventures Asia in 2020.

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