Lemonilo, an Indonesian startup that sells healthy consumer goods, on Monday announced it has secured $36 million in a Series C round led by Belgium-based investment firm Sofina.
DealStreetAsia had earlier in the day reported the startup’s latest funding based on its regulatory filings.
The round was joined by existing investor Sequoia Capital India.
Founded in 2016 by Shinta Nurfauzia, Ronald Irsien Wijaya, and Johannes Ardiant, Lemonilo has launched more than 40 healthy products ranging from instant noodles and snacks to essential oils. Its flagship offering is instant noodles made from cassava flour and spinach puree.
The company said it plans to utilise the latest funding for its international expansion.
“As a growth-stage company, we have proven that our business model works in Indonesia, so we are planning to bring our concept to other countries as well, starting with our neighbours,” said Lemonilo co-CEO Nurfauzia in a statement.
The company will also use the capital to boost its distribution network in Indonesia, she added.
Lemonilo partners with small and medium enterprises (SMEs) to manufacture healthy products that are then sold online and at more than 20,000 brick-and-mortar stores in Indonesia. In the wake of the pandemic, Lemonilo repurposed some of these manufacturing units to create hand sanitisers to meet consumer demand.
“Lemonilo is a pioneer of the healthy lifestyle movement in Indonesia, with the goal of becoming the leading FMCG brand in the space,” said Maxence Tombeur, member of the executive committee at Sofina. “This investment has a strong strategic fit with Sofina’s goal to invest in purposeful companies, and is a testament to our willingness to increase our investment activity in Indonesia.”
The startup’s other investors include Indonesian food and beverage major United Family Food and venture capital firm Alpha JWC Ventures.
