Indonesia's UENA raises seed funding led by East Ventures
Summary
UENA, a hyperlocal online food and beverage (F&B) startup based in Indonesia, has raised an undisclosed seed funding round led by East Ventures, with a strong participation from IDN Media and several angel investors.UENA said in statement it targets to continue the expansion in Jakarta to reach many more customers and serve their daily food necessity.The menu will keep expanding to all day offering, such as full meal, light meal, and drinks, depending on the behavior and needs of the area.It will also continue to develop and utilize technology to serve the customers, such as mobile app and cooking robotics.We are very grateful to have the investors conviction and support for our mission. We see the problem in Indonesia, where daily food is the largest segment but most underserved, with more than 98 percent of players are independent / Mom & Pop,This causes customer pain related to high fragmentation, especially in quality, reliability, and price. We believe we are at the tipping point with many exciting opportunities ahead, said Roy Yohanes.Arief and Yohanes are both seasoned F&B entrepreneurs with more than 10 years of experience.We see big potentials in F&B landscape in Indonesia with more than $ 90 billion market size. Founded in 2009, the firm has transformed into a holistic platform that provides multi-stage investment, including Seed and Growth for over 250 companies in Southeast Asia.An early believer in the startup ecosystem in Indonesia, East Ventures is the first investor of Indonesias unicorn companies, namely Tokopedia and Traveloka.Other notable companies in the portfolio include Ruangguru, SIRCLO, Kudo (acquired by Grab), Loket (acquired by Gojek), Tech in Asia, Xendit, IDN Media, MokaPOS (acquired by Gojek), ShopBack, KoinWorks, Waresix, and Sociolla.The firm is the first venture capital in Indonesia to sign the Principles of Responsible Investment (PRI) supported by the United Nations (UN). It is committed to achieving sustainable development and bringing positive impacts to society through its initiatives and environmental, social, and governance (ESG)-embedded practices.