[Updated] Trihill Capital-backed F&B startup Se'Indonesia raises fresh funding

Editor’s note: A previous version of the story erroneously mentioned Golden Gate Ventures as an investor in the F&B startup instead of Trihill Capital’s investment entity, Golden Imperial Ventures. The error is regretted.

Food brand Se’Indonesia—known in the archipelago for its traditional smoked beef and chicken dishes—has raised fresh funds from a clutch of investors.

The startup, which operates around 100 quick-service outlets and online delivery platforms and one dine-in store, has raised $9.66 million so far in the funding round led by Insignia Ventures Partners, show regulatory filings accessed by DealStreetAsia.

Trihill Capital, Argor Capital, Saison Capital, and Japan’s W Ventures were also among the investors that backed the firm, show the parent company’s recent filings with Singapore’s Accounting and Corporate Regulatory Authority (ACRA). The amount was raised through a mix of primary and secondary transactions.

Se’Indonesia has raised $9.69 million in funding since its registration in Singapore.

Se’Indonesia’s Singapore entity has also injected approximately 10.14 billion rupiah (around $635,000) into its Indonesian subsidiary, PT Bangkit Lakuliner Indonesia, and holds 99.99% of its shares, according to corporate filings with Indonesia’s Ministry of Law and Human Rights.

The newly raised capital will be used to meet working capital needs and to add more stores, said sources. It is planning to expand to 150 online outlets and 30 dine-in stores by the end of this year

Insignia Ventures holds the largest share of the company’s preference shares, followed by Trihill Capital, Saison Capital, Argor Capital, Kopital Ventures, and W Ventures.

Originally launched in 2021—by Rinaldi Dharma Utama, Christian Wilfandio, and Bayu Ardhiawan Soedjarwo—as Lakuliner, the company rebranded to Se’Indonesia in early 2024.

The startup’s founding team retains full control over the ordinary shares, underscoring a founder-led governance structure.

“The strong appetite for Se’Indonesia’s affordable beef rice bowls, particularly outside Jakarta, highlights the resonance of their accessible pricing and quality. We’re also excited by how their flagship store is becoming a hub for enjoying great food, and we’re proud to back their mission to bring affordable, high-quality protein to more Indonesians,” Valerianus Ian Sulaiman, VP of Investments at Trihill Capital, told DealStreetAsia.

“Initially, like many traditional F&B businesses, the company faced operational inefficiencies due to a basic system and an evolving organisational structure that wasn’t fully aligned with rapid growth. However, the implementation of a robust ERP [Enterprise Resource Planning] system and strategic team hires over the past 15 months has addressed these challenges, establishing a strong foundation for future expansion,” added Sulaiman.

The company says it is now clocking double-digit sales growth, while consistently staying profitable every month in the past 15 months. Over the next 2-3 years, Se’Indonesia aims to drive profitability and make itself an attractive acquisition target or IPO candidate, the company said.

Interest in F&B

Se’Indonesia’s fundraising is a sign of the growing momentum in Indonesia’s tech-enabled F&B segment, where VCs are backing scalable food brands that combine traditional formats with digital infrastructure.

The surge is fuelled by Indonesia’s young, urban population. These dynamics make F&B startups appealing to investors seeking resilient, high-frequency consumer categories with the potential to ride out macroeconomic cycles.

Experts see a broader industry shift towards F&B companies with sustainable business models and a quicker path to profitability, and technology can accelerate both growth and efficiency. While tech-enabled models are attractive, VCs are also recognising the inherent value and scalability of strong, well-executed D2C F&B brands like Se’Indonesia, driven by Indonesia’s large consumer market and evolving palates.

Recent successes like Bakmi GM’s acquisition and Fore Coffee’s IPO, highlight strong market appetite for Indonesian F&B retail brands, indicating acquisition by larger conglomerates or public offerings as viable exit paths.

Indonesia’s F&B sector continues to attract investor attention. The deal between Indonesia’s oldest noodle restaurant chain Bakmi GM and Djarum Group for around $126-151 million in December 2024 is a recent example.

In May 2024, Jungle Ventures led a funding round into Yay! Group, a budget-friendly sushi chain targeting urban middle-class consumers through standardised and tech-integrated operations.

In April 2023, cloud kitchen operator Legit Group raised $13.7 million in a Series A round led by MDI Ventures, with SMDV, East Ventures, and Winter Capital participating. The previous before, full-stack F&B brand Hangry closed a $22 million debt-and-equity round from Journey Capital Partners, Orzon Ventures, Sassoon Investment Corporation, and Alpha JWC Ventures.

However, a key hurdle for F&B brands in Indonesia is evolving beyond fleeting trends to become enduring national staples. Without this transition, brands risk being confined to short-lived hype cycles, hindering long-term scalability and successful exits.