Hangry founders Andreas Resha, Robin Tan, and Abraham Viktor
Indonesia-based foodtech startup Hangry today announced that it has raised US$22 million in equity and debt funding, totalling the number that they have raised to US$35 million with its Series A equity funding round last year.
According to a press statement, the equity funding portion was led by new investor Journey Capital Partners, with participation from Orzon Ventures, Sassoon Investment Corporation (SassCorp), and other existing investors including Alpha JWC Ventures.
The debt portion was participated by both Genesis Alternative Ventures and Innoven Capital.
Hangry plans to use the funding to support its business strategy expansion plan by acquiring other F&B brands, building its own brands and maximising nationwide expansion. The company also announced that it is aiming 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,” the company explained.
As a cloud kitchen and multi-brand concept foodtech startup, Hangry had its first opening in November 2019. Following its launch, it has launched multiple F&B brands that include 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). Food items from these brands are sold for US$1-6 per portion.
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It has followed the launch of its original brands by acquiring other culinary brands, including Accha, an Indian food brand operating in Greater Jakarta Area and West Java.
Co-Founder and CEO Abraham Viktor stressed the importance of acquiring F&B in their expansion strategy.
“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,” Viktor said.
“This is the next level of our journey. Our new investors have their own strengths to support us to accelerate the business, for instance Journey Capital Partners with their excellency in business strategy and operational aspects, Orzon Ventures with their strong experience in F&B business in ASEAN region with their popular casual restaurant in Thailand, and Sassoon Investment Corporation (SassCorp) with their F&B chain of the prominent coffee shop in Singapore in which it will be important in supporting our growth. Then, it’s natural for us to continue and strengthen our partnership with Alpha JWC Ventures. After all, achieving greatness needs good teamwork,” he further explained.
Hangry said that from 2019 to date, it has opened more than 70 outlets and grew more than 23 times in revenue. The company also said that it has recorded ten million portions of products sold from 2019 to 2021 and currently, sold more than one million portions of products per month from its four in-house brands.
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Image Credit: Hangry
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