Indonesian food recipe startup ResepKoki looks to raise initial funding

photo by ResepKoki

Online sharing platform focuses on Indonesian food recipes ResepKoki is looking to raise an undisclosed amount of initial funding, founder CEO Dermawan Makmur told DEALSTREETASIA.

He said the funds will be used to develop contents and add new features to the app as well as the website.

“The amount of funding and the percentage of shares depends on the investors. We are open to both local and foreign investors. I hope the it can be completed as soon as possible,” Makmur said.

ResepKoki was founded in January 2016 by Dermawan Makmur, who felt the need to create a community and a platform for food lovers. It’s different features include blog, forum, online store, mobile apps, and tips articles related to food.

“Users have the tools to choose whether they are looking for content or share their recipes. We want to build trust among users using our platforms and they can feel satisfied by using it on daily basis,” he explained.

Makmur said he plans to monetize the platform through sales from the online stores. Going forward, ResepKoki will use native advertising in their content. It also plans to supply content to other Indonesian media.

Resepkoki website has been running for three months and boasts 300,000 page views per month. Around 15,000 users have downloaded the ResepKoki mobile app.

Indonesians are known for their love for food. Traditional Indonesian cuisine is one of the most vibrant in the world, with thousands of recipes that often demonstrate complex and rich flavors.

For now, ResepKoki focuses on Indonesian recipes and wants to make sure that they are as widely available as possible. Makmur said he wants everybody to know about the richness of Indonesian cuisine.

“The variety of Indonesian cuisine is very overwhelming, given the amount of spices needed to prepare the dishes,” he said.

Makmur added that ResepKoki may have plans to expand internationally in the future. But he did not give any further details.

In Indonesia, the most recent culinary-focused startup that raised a significant funding was multi-channel network Kokiku. The company raised an undisclosed amount of funding last month in a round led by Silicon Valley-based Elixir capital.

The company provides key services such as production, library subscription, rights management, programming, funding, marketing, audience development, and monetization. It also develops original programming that resembles conventional, longer-form cooking TV shows, which Kokiku edits for social media distribution.

Also Read: Indonesia: Kokiku closes investment round by Elixir Capital for undisclosed amount

However, ResepKoki is probably more similar to digital kitchen platform Yummly, who just raised $15 million series B investment from Bauer Venture Partners in September. In total, the California-based startup has raised $24.2 million from six investors in three rounds of funding.

Yummly allows users to browse for personalized recipes. It understands food on a variety of levels, allows users to search by ingredient, diet, allergy, nutrition, price, and many others.

A report by CB Insights said that VC’s appetite for food startups in the US are getting stronger. They have not slowed down their funding to food technology companies, even after more than $1 billion in investments and 200 per cent year-over-year growth in 2014. In the first half of 2015 alone, VC-backed food tech companies in the US pulled in over $750 million in equity funding.

Also Read:

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.