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Kindrik Partners advises on Sayurbox’s US$120 million series C financing
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Kindrik Partners is delighted to have advised Indonesian agritech start-up Sayurbox on its US$120 million series C financing led by Northstar and Alpha JWC Ventures. Other investors participating in the investment round included the World Bank’s International Finance Corporation, Astra Digital, Syngenta Group Ventures and Global Brain.
Founded in 2017, Sayurbox digitises Indonesia’s agricultural and food supply chain addressing inefficiencies in the industry. Using unique demand forecasting, inventory planning and route optimisation technology, the business increases customer experience through freshness, pricing, product range and delivery. Sayurbox currently serves around 1 million customers in the Greater Jakarta, Surabaya, and Bali areas, while working with more than 10,000 farmers nationwide, providing a seamless supply chain from the farm to the end consumer.
The investment will be used to accelerate growth in existing markets, expand to new cities and extend its end-to-end supply chain nationwide.
Partner Lee Bagshaw says:
“Agritech, logistics and food supply technology are rapidly growing sectors in Indonesia and Sayurbox leads the way in looking to improve productivity in a fragmented industry. We’re pleased to have been able to advise the company on this transformative financing round.”
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Kindrik Partners advised VC firm Illuminate Financial on its investment in Singapore-based AI-driven data processing and automation company bluesheets. Illuminate led the US$6.5 million series A round. Other returning investors included Insignia Ventures Partners, Antler Elevate, and 1982 Ventures.
Illuminate invests in B2B fintech and enterprise software companies that build solutions for the financial services industry. Backed by global financial institutions such as Citi, JP Morgan, Barclays, Jefferies, Singapore Exchange Group, and BNY Mellon, Illuminate uses its extensive network and industry knowledge to help their portfolio companies achieve their full potential in addition to providing capital.
bluesheets offers AI-driven data processing and workflow automation software that helps businesses digitise and automate their bookkeeping processes. It plans to use the funds to further enhance its AI capabilities and accelerate growth in key APAC markets, including Singapore, Thailand, ANZ, and Hong Kong.
We’re happy to have advised Singapore-based synthetic data company Betterdata on an oversubscribed seed round of $1.65 million, led by Investible.
The company was founded in 2021 by Dr. Uzair Javaid and Kevin Yee and allows clients to share data faster and more securely in compliance with stricter data privacy regulations being introduced around the world. Betterdata uses generative AI to convert real data into synthetic data that looks, feels, and behaves like real datasets. These synthetic datasets retain the structure and correlations of the original data while eliminating the privacy and security concerns that come with holding and sharing sensitive data.
Betterdata plans to use the funding to publicly launch its product, hire more staff as the company scales, and improve its technology stack, with the aim of providing support for single-table, multi-table, and time-series datasets. The company also plans to expand across the Asia-Pacific region over the next two years.
