The funding round was joined by other investors including K3 Ventures, Vulcan Capital, and East Ventures, and returning investor DSG Consumer Partners.
According to the startup’s filings with Singapore’s ACRA (Accounting and Corporate Regulatory Authority), Temasek’s entity, Tetlin Investment invested $5.5 million in the funding round.
While Microsoft co-founder Paul Allen’s investment arm Vulcan Capital contributed $1.48 million, and nearly $1.3 million was contributed by DSG Consumer.
Since SaladStop!’s last fundraising in 2016 when it raised US$3.6 million from DSG and Hera Capital, the share price has soared by 87.5 percent. In this funding round, the shares were allotted at $111.12 apiece.
SaladStop! plans to expand further with this fresh infusion of capital. The startup will focus on strengthening its presence in Hong Kong, the Philippines, Indonesia, and Vietnam. SaladStop! presently operates 69 outlets in 7 markets across the Asia Pacific.
The proceeds from funding round will also be used by the firm to develop its online business, which now accounts for more than half of its total sales. It will use the capital to improve the technology used at its brick and mortar stores. The startup aims to go beyond offering Keto-friendly or lactose-free foods; it wants to offer customized meals based on consumers’ particular health goals.
According to Desbaillets, founder SaladStop!, the startup has done well in Hong Kong and the sales are up 30 percent pre-pandemic levels. He added that this is a “good benchmark” for other markets.
Founded in 2019 by Daniel Desbaillets, SaladStop! Is a forerunner in the healthy food segment in Singapore. The startup aims to serve delicious and nutritious salads, wraps, and grain bowls.
SaladStop! has also invested in cloud kitchens, and has brought all its brand under a single roof. These cloud kitchens are delivery-only outlets that are currently present in Singapore and Hong Kong. The startup has collaborated with third-party cloud kitchens in countries such as Indonesia.
The firm has also partnered with food delivery platforms such as Deliveroo and Grab in Singapore. Consumers can also use SaladStop’s website to place an order, which can be picked up from a nearby store or delivered at the doorstep. The startup has collaborated with Lalamove, a logistics provider for their food deliveries.
The growing interest in health and wellness especially post-pandemic has also shored up consumer demand in this segment.