Lemonilo Snags 516.2 Billion Rupiah Series C Funding
This round was led by Sofina Ventures SA and backed by a number of investors, including Sequoia Capital India
Corry Anestia - 16 December 2021
Lemonilo healthy food startup received a series C funding of $36 million or around 516.2 billion Rupiah led by Sofina Ventures SA, Sequoia Capital India also participated in this round. Lemonilo will use this funding to strengthen its distribution network in Indonesia and expand its products overseas.
In the official statement, Lemonilo's Co-Founder & Co-CEO, Shinta Nurfauzia said that the company has proven its business model to work effectively in Indonesia. Therefore, Lemonilo plans to duplicate this business concept to other countries, starting with the neighbors, Malaysia and Singapore.
"With Sofina's best practive with established FMCG companies, we believe Lemonilo can build the new image of FMCG companies in Indonesia and its surroundings," Shinta said.
Sofina Ventures' Member of the Executive Committee, Maxence Tombeur said that this strategic investment is in line with Sofina's values. "Lemonilo is the pioneer of Indonesia's healthy living movement aiming to become the world's leading FMCG brand. We are delighted to partner with Lemonilo's ambitious and mission-motivated founders, and aligned with its long-run strategy of offering affordable access to healthy food and products throughout Indonesia," Tombeur said.
On a general note, Sequoia Capital India previously led Lemonilo's series B funding with an undisclosed amount in the second half of 2021. From our observation, this funding has brought Lemonilo's valuation to $300 million, or around Rp.4.3 trillion and strengthening its position in the ranks of startup centaur.
Thus, Lemonilo's investor list includes Alpha JWC Ventures, Unifam Capital, Sequoia Capital India, and Sofina Ventures SA. Before exited, East Ventures was involved in Lemonilo's seed funding.
Lemonilo is known as a new economy startup that produces healthy food alternatives. Founded in 2016 by Shinta Nurfauzia, Ronald Wijaya, and Johannes Ardiant, Lemonilo use self-developed platforms, both websites and applications, to distribute and promote its products.
To date, Lemonilo has launched more than 40 types of products, such as instant noodles, snacks, and spices sold on its own platform at more than 200 thousand Point of Sales (POS) in Indonesia, including resellers.
Lemonilo's Co-CEO, Ronald Wijaya revealed that the compnay will continue focuusing on its main market while innovating new products. His team will strengthen Lemonilo's distribution network to strengthen its position on a national scale. This is in line with Lemonilo's mission to provide Indonesian people with access to a healthier lifestyle.
"We believe there are many people want to live healthier, especially since Covid-19. We expect more Indonesians will adopt a better lifestyle through practical, delicious and affordable products," Ronald said.
In a previous interview with DailySocial.id, Shinta revealed that she is currently focusing on strengthening the product distribution network, increasing the number of teams, and launching various new products.
Shinta said, Lemonilo wants to fill the market gap between the demand for high-priced imported healthy products and the number of existing FMCG companies. Lemonilo ensures that its production is free from more than 100 potentially harmful ingredients, such as preservatives, flavor enhancers, and various synthetic ingredients, which are often found in many consumer goods products.
In fact, the Covid-19 pandemic has encouraged changes in people's food consumption in Indonesia. Quoting Alinea, Femina's survey in early 2021 recorded 82% of 300 respondents changed their diet during the pandemic. Meanwhile, 62% of them change their diet to maintain their health.
–Original article is in Indonesian, translated by Kristin Siagian