Indonesian F&B tech startup ESB raises $7.6m Series A+ led by Alpha JWC Ventures

ESB board of directors (left to right) Andrew Tiang (CFO), Gunawan (CEO), Setiadi (CTO), Dwi Prawira (CRO), and Eka Prasetya (COO) (Photo courtesy of ESB)

ESB, Indonesia’s answer to the US-based Toast, has raised $7.6 million in a Series A+ funding round led by Alpha JWC Ventures with participation from BEENEXT, Vulcan Capital, AC Ventures, and Skystar Capital.

The company provides fully-integrated software designed for restaurants, cloud kitchens, or food stalls.

ESB plans to use the funding to introduce new products within its ecosystem, that connect the restaurant’s front-, back-end, consumers, and supply chain partners all in one operations software.

“We strive to alleviate the headache of dealing with separate platforms to meet the needs of these different aspects,” Gunawan Woen, ESB co-founder and chief executive, said in a statement.

While most players in the F&B businesses were badly hurt by the pandemic-induced mobility restriction, ESB has been doing well, Woen said. “We project within the next year, we will grow three to five times bigger than the currency size,” Woen said in a separate text.

Eko Kurniadi, a partner at Alpha JWC Ventures who led the current funding, said ESB can “play a pivotal role” in the digital transformation of the space.

F&B businesses were pushed to make their operation leaner while finding new avenues for sales. This, according to ESB, leads restaurants and suppliers to demand ESB’s service for digitalisation.

The company now processed over $500 million in gross transaction value and it expects to grow ten-fold in the next two years.

“ESB’s technology platform has delivered a unique cloud-based end-to-end F&B solution to help restaurants reduce costs, manage their operations, and scale online delivery. Their platform is set to revolutionise the multi-billion-dollar dine-in and takeaway market for Indonesia,” Adrian Li, AC Ventures founder and managing partner, said.

The fresh funding came just months after ESB secured a $3 million Series A funding led by BEENEXT in March.

The round also involved AC Ventures, Skystar Capital, and Selera Kapital. Both series totalling $10.6 million.

Jakarta-based venture capital firm Alpha JWC recently secured the first close for its third fund at $300 million, DealStreetAsia reported in September.

The VC was also recently reported joining Indonesian fintech startup Ajaib’s latest funding round to raise $153 million, taking the company’s valuation to the $1 billion mark.

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.