Investment activity in India’s food delivery and food app sector has been garnering a lot of attention recently, but there are developments brewing within the space in other Asian countries, as well.

 

Indonesia’s leading food discovery service, Qraved, announced it has raised $8 million in a Series B round of fundraising co-led by Richmond Global Ventures and Gobi Partners. The round also included new investor, GWC, and existing investors, Convergence Ventures, 500 Startups, Toivo Annus, and M&Y Partners.

 

Launched in 2013, and led by chief executive officer, Steven Kim, Qraved has grown to be Indonesia’s leader in the e-food services space with over one million user per month across its mobile app and web portals. The company offers a restaurant directory, including more than 25,000 restaurants in Jakarta and Bali, including user reviews, curated articles, ratings and photos, discount offers, reservation access, and a venue search.

 

“As an experienced U.S.-based emerging market investor we are able to leverage our insights from Latin America and China to identify disruptive, high potential businesses from around the world,” said David Frazee, Managing Partner at Richmond Global Ventures. “Steven impressed us with his passion and grit to build a full stack food tech, business for Indonesia and beyond.”

 

Indonesia has been experiencing what could be called a ‘dining boom’ in recent years. Indonesians spend over US$30 billion at restaurants per year, according to Euromonitor. And of all food and beverage segments in the country, delivery services and dining out have been the fastest growing categories. The country’s young and upwardly mobile population are increasingly seeking out places to eat and socialize. However, the rapid expansion in the number of restaurants and venues has made it harder for food businesses to gain consumer attention. Qraved helps these businesses gain awareness in a crowded field, making it easier for consumers and restaurants to connect.

 

“Through its leading food discovery service, Qraved has found a new way to address the timeless question of ‘what’s for dinner?’, while users have demonstrated strong appetite for Qraved’s services,” said Thomas G. Tsao, Managing Partner at Gobi Partners. ”With the company’s remarkable progress over the past year and its solid management team, we believe that Qraved is poised for great things ahead.”