Teabox raises $1m from Accel, Horizen


india3_lrgVenture capital firms Accel Partners India and Horizen Venture have participated in a $1m funding round for Singapore and Bangalore based tea startup Teabox.

Teabox sources Indian teas from Darjeeling, Assam and Nilgiri directly from the plantations and ships them to customers around the world.

Over the past two years, Teabox has delivered five million cups of tea to 65 countries including Federated States of Micronesia, Chile, Argentina, Fiji and Ural Mountains in Siberia.

Accel senior partner Prashant Prakash said, “The tea industry, which is expected to touch $40 billion in turnover is ready for disruption. Global e-commerce can circumvent the existing value chain and enable tea producers to connect with customers directly world over.

“The founder and team members bring onboard a deep understanding of the tea industry coupled with previous experience in e-commerce. We see great potential in Teabox becoming the next global tea brand from India.”

Earlier this month Accel led a $40m round for online money transfer service WorldRemit.

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