Jakarta, Indonesia — Sayurbox, Indonesia’s leading farm-to-table e-commerce grocery, providing thousands of affordable and high-quality vegetables, fruits, meats, seafood, and grocery items sourced directly from local farmers, producers, and suppliers; today announced the completion of its Series B round of investment, a year after its last round, to drive growth in 2021 and beyond. The round was led by PT Astra Digital International, a subsidiary of PT Astra International Tbk (Astra), one of the largest and diversified group companies in Indonesia; and Syngenta Group Ventures, a venture capital arm of Syngenta Group, the world’s leading agricultural science and technology provider; joined by Global Brain Corporation, Ondine Capital, and Strategic Year Holdings Ltd. among others.
Founded in 2017, Sayurbox took on the challenge to improve the supply chain for fresh and frozen food, and bring them to the market. The need for better aggregation, distribution, and logistics for farmers are the key components Sayurbox is committed to solve. By creating a more efficient supply chain using technology, Sayurbox has not only been able to provide better prices for farmers and consumers, but also reduce the agricultural waste caused by supply chain complexity.
The investment will continue to support the ongoing development of Sayurbox's supply chain infrastructure and to accelerate the company’s growth in the Greater Jakarta, Surabaya, and Bali areas, and for the expansion into new regions of Indonesia on the back of strong demand for the service.
Sayurbox Co-Founder and Chief Executive Officer, Amanda Susanti said, “We are excited with the demand we are seeing for Sayurbox in Java island, as well as other regions in Indonesia. With like-minded investors who believe in our vision, we will seize this huge opportunity to continue to bring goodness to all; from the homes of local farmers and producers directly to more Indonesian households, providing freshness in one box and convenience at your fingertips.”
President Director of Astra, Djony Bunarto Tjondro, commented, “We are excited to be part of Sayurbox’s journey in providing tech-based solutions to promote sustainable farming and to improve the livelihoods of local farmers, producers and communities within Indonesia's agricultural sector. Along with the new funding, we aim to create synergy. We believe that Sayurbox can become one of the catalysts in Indonesia's digital economy.”
Syngenta Group Regional Director, APAC, Alexander Berkovskiy commented, “This partnership is an important step to unlocking the potential that digital innovation brings to agriculture in Asia, and complements Syngenta’s commercial strategy to work with digital start ups that connect farmers with multi-stakeholders such as traders, buyers, suppliers, and consumers.”
Global Brain Director/Indonesia Office Representative, Sho Ikeda commented, “We are very enthusiastic about being involved in improving Indonesia’s food supply chain as a member of Sayurbox team. We invest in Sayurbox through our CVC fund of The Norinchukin Bank, Japan's most significant agricultural supporter. Together with The Norinchukin Bank, we will actively leverage our resources to support Sayurbox to promote Indonesia's smart agriculture ecosystem.”
Ondine Capital Founding Partner, Randolph Hsu commented, “We see huge value in the transformation and digitization of Indonesia’s food supply chain. With leading technology, superior quality product, and stable service, Sayurbox sets in the best position to capture it. We also echo with Sayurbox’s ideology to bring goodness to all and we will channel sources and talents over the Southeast Asia and Greater China region to facilitate it.”
Strategic Year Holdings Ltd. Founder and Chairman, Conrad Tsang commented, “We are excited to have the opportunity to invest in Sayurbox to help the company fulfill its vision to become the leading fresh produce player in Indonesia. As a value-added investor based in Asia with global connections, Strategic Year is fully committed to contribute our vast network, resources, knowledge, and experience to take Sayurbox to the next level, consistent with the commitments that we make to all our other investees.”
ABOUT PT ASTRA INTERNATIONAL TBK
PT Astra International Tbk was established in 1957 in Jakarta as a general trading company under the name Astra International Inc. In 1990, for the purpose of the company’s initial public offering (IPO), the name of the company changed to PT Astra International Tbk, followed by listing its shares on the Indonesia Stock Exchange under the ticker code ASII.
Astra has developed its business by implementing a business model based on synergies and diversification within seven business divisions: 1) Automotive, 2) Financial Services, 3) Heavy Equipment, Mining, Construction & Energy, 4) Agribusiness, 5)Infrastructure and Logistics, 6) Information Technology and 7) Property.
Astra Group conducts business operations in all parts of Indonesia under the management of more than 238 companies, including subsidiaries, joint ventures and associates, and was supported by more than 188,000 employees, as of March 2021.
As one of the largest national business groups in Indonesia today, Astra has built a strong reputation through offering a range of quality products and services, taking into account the implementation of good corporate and environmental governance. Astra always aspires to be the pride of the nation that participates in efforts to improve the welfare of the Indonesian people.
Astra's business activities strive to apply a balanced mix in the commercial aspects of business and non-business contributions through 9 foundations and a variety of sustainable social responsibility programs, namely Astra untuk Indonesia Sehat, Astra untuk Indonesia Cerdas, Astra untuk Indonesia Hijau and Astra untuk Indonesia Kreatif.
Astra initiated the Semangat Astra Terpadu Untuk (SATU) Indonesia Awards program, which has entered its eleventh year, and has given recognition awards to 397 young Indonesians, consisting of 70 national level recipients and 327 provincial level recipients in the fields of Health, Education, the Environment, Entrepreneurship and Technology, which are integrated with Astra’s wide range of community activities through 116 Kampung Berseri Astra and 755 Desa Sejahtera Astra initiatives in 34 provinces throughout Indonesia.
ABOUT SYNGENTA GROUP VENTURES
The mission of Syngenta Group Ventures is to shape the future of agriculture and food through technology and business model innovation. As the venture capital arm of the Syngenta Group, our aim is to improve agriculture and global food security by enabling farmers to make better use of available resources. Through the power of technology – created by the ingenuity of people-we help ensure food security in partnership with the environment. Providing unmatched knowledge and access, Syngenta Group Ventures offers entrepreneurs and partners a global network, agronomic expertise and talent of scientists and professionals worldwide. We are committed to investing in companies that strengthen existing technologies and markets, seize new opportunities to drive farmer profitability and shape the future of farming and food. To learn more, visit www.syngentagroupventures.com.
ABOUT GLOBAL BRAIN CORPORATION
Global Brain is a Japan-based independent venture capital operating in Japan, Korea, United States, Europe, and Southeast Asia. We manage a pure investment flagship fund, as well as CVC funds jointly managed with large Japanese enterprises. By leveraging our global reach and a broad network of Japanese major corporations, we provide hands-on support to our portfolio companies and strive to bring innovations to society.
ABOUT ONDINE CAPITAL
Ondine Capital operates in the Greater China and Southeast Asia region, with offices in Shanghai, Singapore, and Taipei. We aim to connect the two regions and in Southeast Asia, we focus on start-ups with consumer technology, in the fields of retail, education, logistic, or general TMT.
ABOUT STRATEGIC YEAR HOLDINGS LTD.
Strategic Year Holdings Limited (“Strategic Year”) is a privately held investment company based in Asia with global connections. The Senior Management of Strategic Year have over 100 years of combined business experience globally. We adopt a value oriented investment approach, utilizing our extensive local networks to originate and execute proprietary investment opportunities. We are a responsible investor; we spend tremendous efforts creating a net positive impact for the society in all our investments to make sure they are sustainable for the long term.
Sayurbox’s vision is to make fresh produce accessible and affordable to end consumers. Sayurbox introduced custom-packaged fruits and vegetables to the market in 2017. Sayurbox offers both instant and overnight deliveries to reduce waste and improve freshness with diverse choice of payment methods including cash on delivery. Today, Sayurbox is a leading farm-to-table e-commerce grocery servicing the Greater Jakarta, Surabaya, and Bali areas with the addition of meats, seafood, dairies, cereals, seasonings, meals, organic food, and grocery items sourced directly from local farmers, producers, and suppliers.
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