Hangry Announces 316 Billion Rupiah Funding, Ammunition Continues Expansion
Funding consists of equity and loans, without further detailing the acquisition of each
Culinary startup multi-brand all at once brand aggregators Hangry confirmed the acquisition of fresh funding of $22 million (approximately 316 billion Rupiah). Journey Capital Partners led this round of equity and loan funding, along with Orzon Ventures, and Sassoon Investment Corporation (SassCorp). Alpha JWC Ventures, Genesis Alternative Ventures, and Innoven Capital, Hangry's longtime investors, participated in this round.
It is claimed this round made Hangry managed to raise $35 million when combined with last year's Series A round. This confirmed figure is bigger than previously reported by DailySocial.id pada April 1, 2022 yesterday. The company's current valuation is predicted to be close to $150 million, cementing its status "centaurs".
In an official statement delivered by the company today (18/4), Hangry will use the fresh funds to expand and add more outlets nationwide, acquire brands other superior culinary, and build in-house brand to reach various target customers. The company also stated its plans to start regional expansion starting in 2024.
“We have always aspired to build a brand with quality dishes that can be enjoyed around the world. Coming from Indonesia, Hangry will not only build brand itself, but also acquiring other leading F&B brands [..] so that Hangry can have several winning brands, and can more quickly achieve its vision and to cater to the different tastes and interests of customers,” said Hangry Co-founder and CEO Abraham Viktor .
Hangry started his presence by applying the concept of cloud kitchen and multi-brand in November 2019. The startup is led by Abraham Viktor, Robin Tan, Andreas Resha, Sari Lauda, Arlene Sutjiamidjaja, and Wenyou Tan.
Currently, Hangry launched several brand featured with varied menu types, such as Moon Chicken by Hangry (Korean-style fried chicken), San Gyu by Hangry (authentic Japanese cuisine), and Ayam Koplo by Hangry (a new innovation in various traditional chicken dishes)–all at relatively affordable prices starting from from IDR 15.000 - IDR 70.000 per serving and has an average rating of 4,7 out of 5 on various delivery platforms.
As for the amount o Hangry reached more than 70 with revenues growing more than 23 times and more than 10 million servings of food and beverages sold during 2019-2021. It is claimed, currently Hangry is able to sell more than one million servings of products per month from four brand-his. This number will continue to increase as Accha joins, brand Indian cuisine, to the Hangry family.
According to Abraham, adding a new brand has always been part of the company's plans because the Hangry concept is a company multi-brand and multi-channel. “Well it builds brand new or acquire brand otherwise, we will manage brands who can become champions in their category and are ready globally,” said Abraham.
The support from investors with their respective expertise is believed to be additional ammunition in realizing the company's ambitions. He gave examples, for example, Journey Capital Partners with excellence in business strategy and operational aspects; Orzon Ventures with their strong experience in the F&B business in the ASEAN region through their popular restaurants in Thailand.
Then, Sassoon Investment Corporation (SassCorp) with an extensive F&B network, which is a leading coffee shop in Singapore, all of which will play an important role in each of Hangry's developments in the future. “Then, Hangry also continues and strengthens the collaboration with Alpha JWC Ventures, which has supported Hangry since the beginning. After all, achieving big goals requires good teamwork.”
“As our first investment into the Southeast Asian technology ecosystem, we firmly believe that Hangry has all the right components to be at the forefront of Indonesia and the region. Hangry positioned his company well to keep up with the massive delivery service trend. Hangry has also successfully grown through its brands and outlets. Through this investment, we hope to strategically support Hangry in its operations towards their national and regional expansion goals,” said Choo Weng Kin, Managing Partner of Journey Capital Partners.
“Hangry has proven to be one step ahead of other culinary businesses. Their recent external brand acquisition is not only innovative for the culinary business, but also enhances the quality of Hangry's business model as a multi-brand company. We look forward to the rapid growth of Hangry and its brands," said Alpha Partner JWC Ventures Eko Kurniadi.