Indonesian culinary multi-brand startup Hangry, announced Monday its latest equity and debt funding of $22 million, making it to $35 million in total with Series A equity funding last year.
The equity funding portion was led by Hangry’s new investor–Journey Capital Partners, with participation from Orzon Ventures, Sassoon Investment Corporation (SassCorp), and other existing investors including Alpha JWC Ventures as one of its first institutional investors, Hangry said in a statement.
Meanwhile, the debt portion was participated by both Genesis Alternative Ventures and Innoven Capital.
According to the statement, Hangry plans to use the funding to drive toward business strategy expansion by acquiring other winning food and beverage (F&B) brands, building its own brands, and maximizing nationwide expansion.
Hangry is the first multi-brand virtual restaurant in Indonesia. Founded in September 2019 by Abraham Viktor, Andreas Resha and Robin Tan, Hangry began its operation in November 2019.
Since its first opening in November 2019, the company has successfully launched multiple winning brands with large culinary varieties, such as Moon Chicken by Hangry (Korean-inspired fried chicken), San Gyu by Hangry (authentic Japanese cuisine), and Ayam Koplo by Hangry (a new take on various traditional chicken delicacies).
The success accelerates Hangry’s business strategy to acquire the other winning culinary brands to join the house of winning brands. The first acquired brand is Accha, the pioneer and market leader of Indian soul food in Greater Jakarta and West Java.
“We always aspire to build brands with gourmet-quality dishes that can be enjoyed around the world. Originating from Indonesia, Hangry will not only build its own brand but also acquire the other winning F&B brands. Hangry has successfully built the business focus in the delivery service. Not stopping there, we want to present our winning brands to people globally, making their moments delightful. That’s why we also acquire the other F&B brands to have multiple winning brands, so we can achieve the vision faster as well as to cater different tastes and interests.” said Hangry Co-Founder and Chief Executive Officer Abraham Viktor.
Subsequent to the fundraising process, Hangry said it aims to expand regionally starting from 2024.
Aside from expanding more outlets nationally and acquiring other culinary winning brands, the strategy will include building more brands that are distinctive yet able to serve a wide range of customer targets.
From 2019 to date, Hangry opened more than 70 outlets and grew more than 23 times in revenue. It also records ten million portions of products sold from 2019 to 2021 and currently, sold more than one million portions of products per month from their four in-house brands.
With Accha joining the house, the company manages five brands with more records to be seen.
“Adding brands is always in the pipeline as Hangry’s concept has always been a multi-brand and multi-channel company. Whether it is building a new brand or acquiring another brand, for sure we will manage the brands that are the winner of the category and globally ready. This is the next level of our journey. Our new investors have their own strength to support us to accelerate the business,” said Abraham.
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