Jago Coffee Receives Series A Funding of 98 Billion Rupiah

Jago Coffee received series A funding of $6 million (around Rp. 98 billion) led by previous investors, namely Intudo Ventures and BEENEXT Accelerate, as well as participation from ORZON Ventures and D Global Ventures.

Previously, Jago Coffee achieved A pre-series funding amounting to IDR 34,2 billion in 2022, led by Intudo Ventures and BEENEXT and participation from CyberAgent Capital and Arkblu Capital.

The company claims to have achieved stable profitability for several consecutive quarters and grow more than 13x by 2023.

"This funding is not just a financial boost, but a vote of confidence in our vision and team. It empowers us to bring unique experiences to more communities and innovate further, ensuring every cup we serve strengthens the connection between quality and accessibility," said Yoshua Tanu , Co-Founder and CEO of Jago Coffee.

Jago Coffee plans to expand its range of services and invest further in its technology. Currently, Jago Coffee only covers 7% of the entire Jakarta area. The target is that Jago Coffee wants to cover 50% of the Jakarta area by the end of 2024, increase the number of depots to 15, and deploy a fleet of 1.500 from the current 300.

For information, Jago Coffee was founded by Yoshua Tanu (also founder of Common Grounds), Christopher Oentojo (former VP of Product at Gojek), and Daniel Sidik. Jago Coffee was launched for the first time in June 2020. They offer a hyperlocal approach to end consumers within a 1-2 km radius to deliver fresh drinks in a matter of minutes.

Instant coffee products are currently known to account for 90% of total coffee consumption in Indonesia. Therefore, the coffee is sold around using electric carts, and can also be ordered via the mobile application.

With this method, they can make it easier to access coffee without the need to build a physical shop which requires time and money. Currently, Jago Coffee offers a number of main coffee menus, including seasonal menus, as well as non-coffee menus.

Ecosystem coffee chain currently occupied by a number of players, including Kopi Kenangan, Fore Coffee, and Janji Jiwa. Average utilization o retail to sell its products. Kopi Kenangan, one of the early players in this ecosystem, has expanded its business by entering ready-to-drink packaged products (ready-to-drink).

Based on research by Statista, the market value of coffee from sales in restaurants/bars (including instant coffee) in Indonesia is projected to reach $8,3 billion in 2024. Meanwhile, the value of coffee sales from supermarkets and convenience stores is around $2,8 billion in the same year.