Indonesian food tech startup Hangry announced on Monday (03/05/21) that they have raised USD 13 Million in a Series A funding round. The funding round was led by Alpha JWC with the contribution of Salt Ventures, Atlas Pacific Capital, and Heyokha Brothers.
This cloud food startup has 40 outlets running in Bandung and Greater Jakarta. Hangry has launched multiple branches of Korean inspired chicken, Local intricacy and Japanese cuisine.
This firm is giving a head to head competition to companies like GrabFood, which is operating around 48 cloud kitchens, GoFood with more than 25 outlets and Yummy Corp having 70 outlets within the boundary of Indonesia.
Purpose of the fundraising –
Hangry focuses on extending its reach and scale up the business to 120 outlets and more than 20 restaurants across the country by the end of 2021.
About the Investors –
Alpha JWC Ventures:
Alpha JWC Ventures is an Indonesia Venture Capital firm. The firm focuses on a firm with expertise in the Consumer tech and FinTech sector and who add values to the country.
It is an independent institutional firm that intends to invest in a disciplined way with ongoing management of the portfolio. The firm was founded in 2015 with the headquarters in Jakarta, Indonesia.
Atlas Pacific Capital:
Atlas Capital is a fund management firm that focuses on high-tech industry investment and venture capital. The company was founded in 2010.
Some of the recent and successful investments done by the company are for Shanghai Data Exchange, IM Robotics and Cloud Walk Technologies.
Salt Ventures is a venture capital firm based in Southeast Asia. The company focuses on investing and helping startups bring the best out of them in their early and growth stages.
About company –
Hangry started two years ago in 2019 by Abraham Viktor. The startup has grown tremendously, even though this pandemic is going on because the online food trend has increased.
The firm has grown 22x over the one year and has opened 35 new outlets in 2020. They have their app available, and they are also present on online food delivering platforms like GrabGood, superfood, and GoFood.
“Hangry’s concept has always been a multibrand, multichannel company, so opening dine-in stores has always been in the pipeline. We have figured out the recipe for cloud kitchen’s success, and with society getting ready to return to normalcy, including eating out, it’s time to introduce more Hangry restaurants.” – CEO Abraham Viktor.
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