JAKARTA (TheInsiderStories) - Alpha JWC Ventures has invested US$2 million in a culinary startup, Mangkokku, founded by President Joko Widodo’ sons, Gibran Rakabuming and Kaesang Pangarep. Previously, their current beverage business, Goola, also received a capital injection of $5 million from the venture capital firm.
“We see that F&B (food and beverages) continues to be an attractive sector that can take advantage of empowerment technology and venture capital investment,” said Alpha JWC Ventures partner, Eko Kurniadi, in the press statement, released on Monday (11/23).
Mangkokku was founded by Rakabuming, Pangarep in collaboration with chef Arnold Poernomo and veteran entrepreneur Randy Kartadinata. Founded in 2019, the “rice bowl” managers currently has 22 branches in a number of major cities in Indonesia.
The founders have successfully built at least 12 F&B brands in Indonesia and Australia, including Gioi Jakarta and Surabaya, KOI Dessert Bar Sydney, and the traditional Markobar pancake chain. The management of Mangkokku said it plans to use the fresh funds to open more branches by the end of 2020 and more than 75 by 2021.
The startup also plans to adds beverages, desserts, and packaged chili sauce to its menu. According to Poernomo, their restaurant also apply technology-enhanced cooking processes to maintain product quality and consistency.
Alpha JWC Venture was founded in 2015 by three founders Jefrey Joe, Will Ongkowidjaja, and Chandra Tjan. The company made its debut of $50 million in 2016 as Indonesia’ first independent and institutional early stage venture capital fund.
Since then, these funds have been invested in 23 companies in Southeast Asia, mostly in Indonesia, of which more than 90 percent have received further funding. In its portfolio, various companies have received injections from Alpha JWC, such as Kopi Kenangan, Lemonilo, Tanifund, Tanihub, Kredivo, Uang Teman, Style Theory to Bobobox.
This company has total assets under management of $193 million with total investments in 41 start-up companies. While, Widodo’ son and his partner Kevin Susanto found the traditional Indonesian beverages foood start up in 2018. This startup has a mission to introduce traditional Indonesian food and drinks to urban communities through modern packaging, unique menus, and the concept of a ‘grab-and-go’ kiosk at the strategic locations.
Written by Editorial Staff, Email: theinsiderstories@gmail.com
