To deepen its footprint, SaladStop secured US $8.8 M
SaladStop! Group, a healthy food chain based in Singapore, has raised SGD12 million (US $8.8 million) in a Series B financing headed by Temasek.
The round included new investors Vulcan Capital, K3 Ventures, East Ventures, and returning investment DSG Consumer Partners.
The money will be used to help the 12-year-old firm speed its digital transformation, including investments in unique technology. It also wants to grow to four nations by 2025 and use a cloud kitchen concept to reach second-tier cities.
SaladStop was created in 2009 by Daniel and Adrien Desbaillets, father and son, and is now co-led by Katherine and Frantz Braha, daughter and son-in-law. Customers in Asia can expect balanced, nutritional meals from the firm, which aims to disrupt the traditional fast-food paradigm.
SaladStop!, Heybo, Wooshi, and GoodFoodPeople are among the company’s brands, which operate in a hybrid online/offline format across 69 locations in Singapore, Hong Kong, Indonesia, Vietnam, the Philippines, Japan, Korea, and Spain. Over 800 people work for the business.
The COVID-19 epidemic has propelled the company’s digital drive, with over half of revenues being produced online and a significant amount through direct channels.
It intends to expand its reach by opening more cloud kitchens, promoting more tech-enabled development with its unique solutions, and using its food-tech ecosystem.
SaladStop! will ramp up its commitment to food sustainability, concentrating on ingredient traceability and launching the group’s first net-zero outlet in 2022, in line with Singapore’s 3030 ambitions.
By selling plant-based cuisine, ethically sourced ingredients, green packaging, and supporting reforestation programmes, the company has already begun to minimise its carbon impact. SaladStop introduced Good Food People earlier this month. Alternative proteins, ready-to-heat alternatives, and handmade sauces, dressings, and other products are available in this new plant-based online supermarket in Singapore.
Frantz Braha, chief growth officer of SaladStop! Group, said: “To achieve our ambitious growth strategy, we plan to deepen our roots in our existing markets while also expanding our footprint in selected new countries. We have built an extensive infrastructure across the region over the past few years.”
“We will continue to leverage our technological capabilities and proprietary cloud kitchen operating model to accelerate our growth in emerging markets. Today, we cater to an addressable market of 69 million people across 11 cities and aim to serve over twenty million meals by 2025,” he added.