Singapore-based healthy food chain, SaladStop, has raised SG$12 million (US$8.9 million) during a series B investment round led by Temasek.
New investors joining Temasek included Vulcan Capital, K3 Ventures, and East Ventures. According to the company, the funds will be invested in accelerating its digital transformation, including investment in proprietary technologies, and expanding its presence in Asia. The group aims to enter four new countries by 2025.
Founded in 2009 by Daniel and Adrien Desbaillets, SaladStop Group’s brand portfolio also includes Heybo, Wooshi and GoodFoodPeople. The group operates 69 outlets across eight markets – Singapore, Hong Kong, Indonesia, Vietnam, Philippines, Japan, Korea, and Spain.
“This fundraising round is a major milestone for us,” said Adrien Desbaillets, CEO and co-founder of SaladStop Group. “The Covid-19 pandemic demonstrated the resilience of our business across all markets and accelerated our push online.”
The company said the pandemic accelerated its digital push with more than 50 per cent of its sales generated online and a substantial proportion through its direct channels. SaladStop plans to further deepen its influence in the existing markets by expanding the cloud kitchen model into second-tier cities.
The healthy food chain will also invest in food sustainability, focusing on ingredient traceability and opening of the group’s first net-zero outlet next year, aligning with Singapore’s 30×30 goals.
“As the first healthy food chain in Asia, we want to drive change in the food industry, especially at this challenging time, given not only the effects of the pandemic on people’s health and wellbeing, but also with the current disruption on supply chains and the extraordinary threat posed by climate change,” said Katherine Desbaillets Braha, chief brand officer of SaladStop Group.