SINGAPORE (THE BUSINESS TIMES) - Healthy food chain SaladStop! Group said it has closed a $12 million Series B financing round led by Singapore state investor Temasek.
New investors include East Ventures, Microsoft co-founder Paul Allen's Vulcan Capital and Kuok family-linked K3 Ventures. Existing investor DSG Consumer Partners also participated in the round.
The SaladStop! Group brands include SaladStop!, Heybo, Wooshi and Good Food People across a hybrid online and offline model.
The group operates 69 outlets and is in seven markets across the Asia-Pacific.
More than 50 per cent of sales are generated online and a substantial proportion are generated through direct channels, the company said.
SaladStop! was founded in 2009 by father Daniel Desbaillets and son Adrien, and co-headed by daughter Katherine and son-in-law Frantz Braha.
The funding will help with investments in technology and the company's expansion across Asia. It plans to add four new countries by 2025 and expand into second-tier cities through its cloud kitchen model.
"This will enable the group to leverage its newer health food brands Heybo and Wooshi, at lower price points, and offer many more customers access to nutritious food at affordable pricing," the company said in a press statement.
SaladStop! also plans to invest more in food sustainability, focusing on ingredient traceability and opening its first "net-zero outlet" next year.
The company said it offers plant-based foods, sustainably sourced ingredients and green packaging, and allows customers to carbon-offset their meal. Earlier this month, it launched Good Food People, a plant-based online grocer.