JAKARTA (TheInsiderStories) – Amatil X, an Australia’ Coca-Cola Amatil venture capital arm, has made its second investment in Indonesia afterfreight logistics marketplace, Kargo Technologies. The company has participated in a US$5 million Series A funding by Wahyoo, a three-year-old restaurant solutions start-up based in Indonesia, led by Intudo Ventures.
Other investors that joined the round are Kinesys Group, Arkblu Capital, Indogen Capital, Gratyo Universal Indonesia, and Isenta Hioe. Earlier, the company had raised undisclosed funding from Agaeti Ventures, Chapter 1 Ventures, East Ventures, SMDV, and Rentracks.
Wahyoo plans to use the funds to accelerate expansion in Jakarta and other parts of the country. Founded in 2017, the provider is focused on digitizing and improving the business operations of a traditional small-scale local eateries and restaurants dedicated to serving Indonesia’ burgeoning working-class population.
The company works directly with local eateries to improve and digitize their operations, offering digital tools and services to attract customers, enhance marketing efforts, implement loyalty programs, order and receive groceries, and manage financial accounts. Wahyoo last completed an undisclosed Seed financing round in 2019.
Head of Amatil X, Alix Rimington, said in a written statement, Coca-Cola Amatil Indonesia had been on a digital transformation journey since 2015, investing heavily in state-of-the-art systems and technology to support its nation-wide operations.
“Start-ups are setting the pace of innovation, especially in Indonesia, which is fast becoming the start-up capital of Asia. Knowing the scale of our business and our future ambitions, we believe that working with the right partners will help us to face market challenges and capture growth opportunities for the future,” he adds.
While, Peter Shearer, Founder and CEO of Wahyoo said the food and grocery market opportunity in Indonesia was enormous, forecast to hit $261 billion by 2021. He continued, there are almost 35,000 warungs (street food) operating in Jakarta alone and we are already servicing one in every four of these businesses.
“We are grateful for the strategic support of our backers, including Coca-Cola Amatil, and look forward to helping our warung makan partners create an even bigger impact for both Indonesian business owners and consumers alike,” said Shearer.
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