Honestbee raises US$15 million funding

Honestbee, a grocery concierge and delivery service company based in Singapore, has raised the first round of funding of US$15 million. Eyeing Asia for its growth, just last week, it launched in Hong Kong, offering a one-stop shop for a range of products to meet the needs of busy customers.

Honestbee has expanded its team to almost 100 people in just eight months, and continues to aggressively scout best talent from around the world.

Honestbee expects to be in at least six other Tier 1 cities by June 2016.

Participants in this round led by technology investment firm Formation 8 include Pejman Mar Ventures, early investors of Dropbox, Lending Club and DoorDash, Gideon Yu, former CFO of Facebook and YouTube, as well as the co-owner of the San Francisco 49ers, Owen T. Van Natta, founding team of Amazon’s search company A9.com and former COO of Facebook and Steve Chen, Google Ventures advisor, as well as co-founder and former CTO of YouTube.

“We are very excited and blessed to have been able to attract support from some of the most successful entrepreneurs and investors. Honestbee will benefit tremendously, as we now have immediate access to the top minds who have built the most valuable technology companies in the world today, such as Amazon, YouTube, Google, Square, Dropbox, DoorDash and Palantir,” co-founder, Isaac Tay, said.

“Formation 8 believes that the hyper-local on-demand market plays a significant role in the way commerce will evolve. Given the increasing population density across all the key cities in Asia due to job and wealth creation, this is right time and opportunity,” Formation 8 founder, Brian Koo, said.

“Consumers now demand higher levels of access to convenience. With honestbee’s superior partnership network and its strong focus on building a world class technology company, they will be well-positioned to quickly own this market.”