“We are pleased to partner with FreshToHome and to support the vision of management and the growth of the company. FreshToHome is a leader in leveraging AI-based technology and business innovation to bring a superior value proposition to customers and suppliers in a large and important market. At ICD, we seek to partner with companies like FreshToHome that are able to break new ground for the greater good while also enjoying a large shareholder value creation opportunity. This successful fundraising is a strong recognition of the company’s achievements and significant potential.” said Khalifa Al Daboos, Deputy CEO of Investment Corporation of Dubai.
Support from its existing large Middle East-based investors such as CE-Ventures - the corporate venture capital platform of Crescent Enterprises, significantly helped in aiding its expansion in the UAE, where it is already one of the top 5 e-grocers. FreshToHome is also planning to expand to other key GCC markets such as Saudi Arabia.
Shan Kadavil and other co-founders of FreshToHome have a Silicon Valley entrepreneurship background, having been part of leadership teams of companies such as Zynga (NASDAQ: ZNGA). Some of the early backers of FreshToHome include Mark Pincus - Zynga founder, David Krane - CEO of Google Ventures, Pete Briger - Chairman of Fortress, Abdul Aziz Al-Ghurair - Chairman of Mashreq Bank, RajanAnandan of Sequoia and other renowned investors.
Gaurav Sharma, Head of Private Equity at Investcorp Indiaadded“At Investcorp, we look at companies who redefine the category with proven top-line and bottom-line impact. We believe that FreshToHome fits this bill perfectly and is poised to achieve significant scale. We look forward to this partnership and supporting the company in realising its full potential.”
About the investors
Investment Corporation of Dubai
ICD was established in May 2006 by decree (11) of 2006 under a mandate to consolidate and manage the Government of Dubai’s portfolio of commercial companies and investments. It also provides strategic oversight by developing and implementing investment strategy and corporate governance policies with an objective to maximize stakeholder value, for the long-term benefit of the Emirate.
ICD, as the principal investment arm of the Government of Dubai currently has a portfolio that represents a cross-section of Dubai’s most recognized companies, in sectors that the Government of Dubai has deemed to be strategic for the continued development of the Emirate. The sectors include financial services, transportation, energy and industries, real estate and leisure, retail and other holdings. For more information about ICD please visit www.icd.gov.ae.
Investcorp is a global investment manager, specializing inalternative investments across private equity, real estate,credit, absolute return strategies, GP stakes andinfrastructure. Since our inception in 1982, we have focused on generating attractive returns for our investors while creating long-term value in our investee companies and for our shareholders as a prudent and responsible investor.
We invest a meaningful portion of our own capital in products we offer to our investors, ensuring that our interests are aligned with our stakeholders, including the communities that we operate within, towards driving sustainable value creation. We take pride in partnering with our investors to deliver tailored solutions for their needs, utilizing a disciplined investment process, employing world-class talent and combining the resources of a global institution with an innovative, entrepreneurial approach.
Investcorp has today a presence in 12 countries across the US, Europe, GCC and Asia, including India, China and Singapore. As of June 30, 2020, Investcorp Group had US $32.2 billion in total AUM, including assets managed by third party managers, and employed approximately 450 peoplefrom 44 nationalities globally acrossitsoffices. For further information, visit www.investcorp.com and follow us @Investcorp on LinkedIn, Twitter and Instagram.
U.S. International Development Finance Corporation (DFC) is America’s development bank. DFC partners with the private sector to finance solutions to the most critical challenges facing the developing world today. We invest across sectors including energy, healthcare, critical infrastructure, and technology. DFC also provides financing for small businesses and women entrepreneurs in order to create jobs in emerging markets. DFC investments adhere to high standards and respect the environment, human rights, and worker rights.
Ascent Capital, a leading Indian Private Equity firm focused on growth capital, manages about $800 million across funds backed by marquee investors from India and overseas. Some of their marquee investments include Bigbasket, Curefit, Acko, Skanray and KIMS Hospital.
Iron Pillar is a venture growth investor specializing in mid stage technology companies “Built from India”. Founded in January 2016, Iron Pillar provides growth capital and active help in global business expansion to companies in the enterprise and consumer technology sectors. The Fund backs founding teams who want to create $1B+ enterprise value companies which are built to last.
CE-Ventures is the corporate venture capital platform of Crescent Enterprises that led the Series A funding round and invested in the Series B funding round of FreshToHome. CE-Ventures focuses on strategic investments in high-growth companies and select venture funds globally across wide-ranging emerging technologies pervasive across industry sectors.
© Press Release 2020