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Premium tea retailer Teabox bags US$7m Series B funding
PREMIUM tea brand Teabox announced on Dec 13 it has secured US$7 million in Series B funding from Singapore-based investment firm RB Investments, with existing investors also taking part.
DBS Bank also participated in the funding round through venture debt.
Teabox says the financing will help the company expand its back-end infrastructure, which includes cold chain processing centres and support growth in key markets.
The five-year-old tea company counts the strength of its end-to-end supply chain from its growers to consumers as helping it sell its products to more than 112 countries, according to its release announcing the investment, and considers its "strong digital presence" a growth driver.
RB Investments' principal Harshavardhan Bothra said: "We are excited about backing the challenger in a large category with a demanding customer. We feel that Teabox's dynamic team and its innovative supply chain of tea from plantations to cup will enable them to provide the freshest tea to consumers worldwide and redefine the category."
O3 Capital was the adviser on the deal.