ESB co-founders
ESB, a fully integrated restaurant operating platform in Indonesia, has bagged US$7.6 million in extended Series A funding round, led by Alpha JWC Ventures.
Existing investors, including Beenext, Vulcan Capital, AC Ventures, and Skystar Capital, also co-invested.
With this funding, ESB plans to extend its footprint in the market. The fresh capital will also help the startup develop new Artificial Intelligence-based features, enhance its business intelligence (BI), delivery, payment, funding solutions, and HR information system.
ESB was established in 2014 by Gunawan Woen, Eka Prasetya, Setiadi Prawiryo Moeljadi, and Dwi Prawira. It is an all-in-one provider of culinary business operations software, connecting restaurants’ front-end, back-end, consumers, and supply chain partners. Its mission is to help F&B businesses increase their profits by incorporating technology to improve sales and operational efficiency.
Also Read: ESB, Indonesia’s answer to Toast, bags US$3M in Beenext-led Series A round
The firm’s initial offering was a customised enterprise resource planning (ERP) cloud solution to replace traditional hardware-based systems. It later expanded its objectives and started working on an all-in-one restaurant operating system covering a point-of-sale system and mobile ordering technology called ESB Order.
ESB aspires to follow the success of Toast in the US, which recently launched a successful IPO.
The Jakarta-headquartered firm has served more than 500 F&B brands, including MAP Boga Adiperkasa, Ismaya Group, Sour Sally Group, and Marugame Udon. It claims to be processing more than 40 million orders annually.
ESB managed to grow by 3x YoY during the pandemic mainly due to the demand for touchless ordering, which ESB caters to via its ESB orders. It now processes over US$500 million in gross transaction value and is expected to grow 10x in the next two years.
Before this round, ESB had received a total of US$3 million from Beenext, AC Ventures, Skystar Capital, and Selera Kapital earlier this year.
“Restaurant business is a combination of manufacturing, trading, and retail. We strive to alleviate the headache of dealing with separate platforms to meet the needs of these different aspects. At the same time, we help businesses generate better customer engagement, optimise their operations, and eventually increase their net profit,” said co-founder and CEO Woen.
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Image Credit: ESB
The post ESB, the ‘Toast of Indonesia’, adds US$7.6M to its Series A kitty to develop new AI features appeared first on e27.