- Bokksu, a Japanese digital marketplace for snacks and groceries, raised $22 million in a Series A funding round, the company announced on Tuesday. The investment brought its valuation to $100 million.
- The round, which was led by Valor Siren Ventures, will help with hiring, expanding Bokksu’s product assortment and producing more original content, the start says in the ad.
- Bokksuwhich recently expanded into groceries, is looking to scale up amid rising USA online access to Asian groceries and snacks.
Overview of the dive:
Founded in 2015, Bokksu first sold Japanese snacks through a subscription service before launching an online grocery marketplace in October that ships pan-Asian products to the contiguous United States Bokksu offers free delivery on grocery orders over $30.
Founder and CEO Dany Taingwho previously worked at Rakuten and Google AdWords, said the company added groceries to Bokksu’s assortment to make groceries and Asian cuisine more accessible.
Its monthly subscription boxes for snacks and teas ship to around 100 countries, with prices for the service varying depending on the length of a subscription, from $44.95 per month for three months to $39.95 per month. months for a one-year commitment. The company also has a market for handcrafted crafts found in Japan.
Taing says in the ad that Bokksu will use the funding to expand across all three platforms – grocery, high-end Japanese goods and its subscription service.
“[The funding] will facilitate a rapid increase in our product offerings and improved delivery times, while allowing us to grow our team and develop even more fun, unique and engaging ways to bring authentic Asian culture to our members,” did he declare.
Company Ventures, St. Cousair, World Innovation Lab, Headline Asia and Gaingels participated in the Series A financing.
Bokksu, which has offices in New York and Tokyo, is one of a growing number of options for American shoppers looking to purchase Asian food products online. Pee has spent the past year expanding its selection of Asian grocery stores, while bolstering its restaurant and dining offerings. Last year, the South Asian food market Quickly launched a subscription box with organic Indian grocery products and an Asian e-merchant Umamicart debuted in the New York Metro Area and Mid-Atlantic Region with next day delivery.
Meanwhile, brick-and-mortar Asian grocery chains have expanded their online presence in recent years. 99 Ranch partnered with Instacart in late 2020, while H Mart integrated automated micro-execution technology.
This week, Fortune Business Insights released projections that the global ethnic foods market will grow to more than $98 billion by 2028, from an estimated $49.27 billion in 2021. The analytics and data firm The company noted that “considerable growth” is expected in North America due to growing demand for Asian cuisine and increasing digital availability of ethnic foods.