Culinary Multibrand Startup Hangry Raises $13mn Series A Funding

Mon May 3, 2021 - 8:05am GMT+0000

Jakarta, 3 May 2021 – Culinary multibrand startup Hangry today announced that it has successfully closed its Series A funding round amounting to $13 million. The oversubscribed round was led by Alpha JWC Ventures, with participation from Atlas Pacific Capital, Salt Ventures, and Heyokha Brothers. The company plans to use this funding to drive towards national expansion in 2021 and 2022.

Hangry is a fast-growing culinary startup with a cloud kitchen and multi-brand concept. Founded in 2019 by long-term colleagues Abraham Viktor, Robin Tan, and Andreas Resha, Hangry was built with a mission to provide great, easily accessible, yet affordable F&B options. Its asset-light business model allows Hangry to produce quality food at affordable prices to cater to 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) – all at relatively affordable prices from IDR 15,000 – IDR 70,000 ($1-6) per portion.

Though the idea of Hangry has humble beginnings stemming from the founders’ love of good food, it has ambitious goals to be a global culinary business by 2030, starting with becoming the biggest F&B brand in Indonesia by 2025. The Covid-19 pandemic and lockdowns have not impeded their plans, as Hangry managed to not only survive but also thrive amidst challenges brought by an economic slowdown and government-imposed social restrictions. In 2020, Hangry opened more than 35 outlets and grew 22x over the course of the year.

“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. “In the long run, Hangry wants to be a brand that grows with the consumer, making their moments delightful over the years. That’s why we have multiple brands and continually expand our culinary repertoire, so we can cater to different tastes and interests.”

Hangry received its first institutional funding of $3 million from Alpha JWC Ventures and Sequoia Capital through the latter’s Surge program in 2020, growing rapidly since then. This subsequent Series A funding of $13 million will enable Hangry to continue on its non-linear trajectory, scaling up their business to more than 120 outlets in total, with the aim to launch 20+ dine-in restaurants across Indonesia in 2021. “Hangry’s concept has always been a multibrand, multichannel company, so opening dine-in stores has always been in the pipeline. As we have figured out the recipe for cloud kitchen success and with society getting ready to go back to normalcy, including to eat out, it is time to introduce more Hangry restaurants,” explains Abraham.

“This next phase, combined with our strong traction during the pandemic, was why we were able to raise our Series A round and partner with investors we believe can push us to
the next level. It’s natural for us to continue our partnership with Alpha JWC Ventures. To win Indonesia, we need support from a strong Indonesian investor, and we have worked together so well in the past year. Our new investors bring additional strengths – SALT Ventures’ strong Indonesian media presence, as well as Atlas Pacific Capital and Heyokha Brothers’ regional and global experience will be vital in supporting our next phase of growth and global ambitions. After all, achieving greatness needs teamwork.”

“As their first institutional investor, we believe what Hangry has achieved so far is a testament of our confidence in the team from Day 1. The team operates at the highest level of customer-first mindset and execution; the whole team is solely energized to reaching perfection in the product taste and service experience. In the span of 1.5 years, they launched multiple brands across a myriad of tastes and categories, and almost all of them are amongst the best sellers list with superior ratings in multiple platforms – tangible examples of product-market-fit. This is only the beginning and we can already foresee their growth to be a top local F&B brand in the country. We are delighted to ride this fast journey with them,” says Eko Kurniadi, Partner at Alpha JWC Ventures.

“Hangry’s exceptional business model has been proven to withstand the crisis. Despite the pandemic, Hangry has shown phenomenal growth, opening more than 35 outlets in 2020 alone. More importantly the founder, Abraham Viktor, is such a visionary founder and a man of integrity. Since its inception, one of SALT Ventures’ main objectives is to create an impactful creative ecosystem where all the founders in the ecosystem can benefit each other. The addition of Hangry to our ecosystem will surely bring a huge positive impact to all the founders’ businesses within the SALT ecosystem,” says Danny Sutradewa, Managing Partner at SALT Ventures.

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