Indonesian F&B startup Hangry has closed a Series A funding round of $13 million led by Alpha JWC Ventures, the company said in a statement.
The round, which the company claims was oversubscribed, also saw participation from Atlas Pacific Capital, Salt Ventures, and Heyokha Brothers.
The fresh capital infusion, which was first reported by DealStreetAsia in November, will be used to fuel Hangry’s national expansion in 2021 and 2022.
Founded in 2019 by long-term colleagues Abraham Viktor, Robin Tan, and Andreas Resha, Hangry claims to be the first multi-brand virtual restaurant in Indonesia that operates with a mission to “create accessible and affordable F&B options for Indonesian urban, mobile-first consumers”.
The company has successfully launched multiple brands with large culinary varieties such as: Moon Chicken (Korean-inspired fried chicken), San Gyu (authentic Japanese cuisine), and Ayam Koplo (a new take on traditional ayam geprek and various chicken delicacies) with prices ranging from Rp15,000-70,000 ($1-6) per portion.
In 2020, Hangry raised its first institutional funding, securing a $3 million investment from Alpha JWC Ventures and Sequoia Capital through the latter’s Surge programme to help the company scale, but saw its efforts hampered by the early impact of COVID-19, which caused the company to suffer a 30% fall in revenue during the first two weeks of lockdown in Jakarta.
Since then, however, it claims to have rebounded and seen fifteen-fold revenue growth. By the end of 2020, it opened more than 35 outlets and grew 22x over the course of the year.
With fresh capital at its disposal, Hangry said it looks to open more than 120 outlets in total, with an aim to launch 20+ dine-in restaurants across Indonesia in 2021. Beyond that, Hangry says it aims to become the biggest F&B brand in Indonesia by 2025 and a global culinary business by 2030.
“There are not many global food chains with gourmet-quality dishes, let alone one originating from Indonesia. That’s what we aspire to be. We’ll start from home and will continue to expand across Indonesia as well as to neighboring countries soon,” Hangry co-founder and CEO Abraham Viktor says.
Viktor believes the new investors Hangry has roped in can offer additional strengths to help Hangry achieve its goals. SALT Ventures’ strong Indonesian media presence, as well as Atlas Pacific Capital and Heyokha Brothers’ regional and global experience will be vital in supporting the company’s next phase of growth and global ambitions.