Culinary Multi-brand Startup Hangry Raises US$22 Million on Its Latest Funding Round

Apr 18, 2022

Jakarta, 18 April 2022 – Culinary multi-brand startup, Hangry, today announced its latest equity and debt funding of US$22 million, making it to US$35 million in total with Series A equity funding last year. The equity funding portion was led by Hangry’s new investor–Journey Capital Partners, with participation from Orzon Ventures, Sassoon Investment Corporation (SassCorp), and other existing investors including Alpha JWC Ventures as one of our first institutional investors. Meanwhile, the debt portion was participated by both Genesis Alternative Ventures and Innoven Capital. Hangry plans to use the funding to drive toward business strategy expansion by acquiring other winning F&B brands, building its own brands, and maximizing nationwide expansion.

Hangry is a fast-growing culinary startup with a cloud kitchen and multi-brand concept. Under the leadership of Abraham Viktor, Robin Tan, Andreas Resha, Sari Lauda, Arlene Sutjiamidjaja, and Wenyou Tan, Hangry was built with a mission to provide great, easily accessible, yet affordable F&B options. Since its first opening in November 2019, the company has successfully launched multiple winning brands with large culinary varieties, such as 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)–all at relatively affordable prices from IDR15,000 – IDR70,000 ($1-6) per portion and have the average rating of 4.7 out of 5 in the delivery platform.

The success accelerates Hangry’s business strategy to acquire the other winning culinary brands to join the house of winning brands — a place where proven food and beverage brands can join forces to build brands for the world. The first acquired brand is Accha, the pioneer and market leader of Indian soul food in Greater Jakarta and West Java. Established in the same year as Hangry, 2019, Accha offers Indian localized Indian cuisine at affordable price points, while ensuring that the authenticity and quality are not compromised. This also marks Hangry’s invite to other winning F&B brands out there to join the company and build the brands for the world together.

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“We always aspire to build brands with gourmet-quality dishes that can be enjoyed around the world. Originating from Indonesia, Hangry will not only build its own brand but also acquire the other winning F&B brands,” Hangry co-founder and CEO Abraham Viktor says. “Hangry has successfully built the business focus in the delivery service. Not stopping there, we want to present our winning brands to people globally, making their moments delightful. That’s why we also acquire the other F&B brands to have multiple winning brands, so we can achieve the vision faster as well as to cater to different tastes and interests.”

Subsequent to the fundraising process, Hangry aims 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. From 2019 to date, Hangry opened more than 70 outlets and grew more than 23 times in revenue. Hangry also records ten million portions of products sold from 2019 to 2021 and currently, sold more than one million portions of products per month from their four in-house brands. With Accha joining the house, Hangry manages five brands with more records to be seen.

“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,” explains Abraham. “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 the 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.”

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“As our inaugural investment into the SEA Tech ecosystem, we are highly confident that Hangry has all the right ingredients to become a household name for all Indonesians and across the region. Hangry is well-positioned to ride the massive and growing trend of online food delivery with its platform of successful brands and outlets and we hope to support Hangry operationally and strategically towards their objective of nationwide and regional expansion,” says Choo Weng Kin, Managing Partner, Journey Capital Partners.

“Hangry proves to be a step ahead of its peers. They’ve recently embarked on a brand acquisition play that is not only innovative for F&B business but also enhances Hangry’s existing business model of brand aggregation. We look forward to continued growth from Hangry’s many brands,” says Eko Kurniadi, Partner at Alpha JWC Ventures.