Hangry, an Indonesian foodtech business, has secured US $22 million in equity and debt capital, bringing the total amount collected to US $35 million since its Series A equity fundraising round last year.
According to a news release, new investor Journey Capital Partners led the equity investment round, which also included Orzon Ventures, Sassoon Investment Corporation (SassCorp), and other previous investors such as Alpha JWC Ventures.
Genesis Alternative Ventures and Innoven Capital both participated in the debt component.
Hangry intends to utilise the funds to support its business strategy expansion plan, which includes the acquisition of additional F&B companies, the development of its own brands, and statewide expansion. In addition, the corporation stated that it plans to grow geographically beginning in 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.
Hangry opened its first location in November 2019 as a cloud kitchen and multi-brand concept foodtech firm. Moon Chicken by Hangry (Korean-inspired fried chicken), San Gyu by Hangry (genuine Japanese cuisine), and Ayam Koplo by Hangry are some of the F&B brands it has created since its start (a new take on various traditional chicken delicacies). Food items from these companies cost between $1 and $6 per serving in the United States.
It has acquired several culinary brands in the wake of the debut of its own brands, including Accha, an Indian cuisine brand that operates in the Greater Jakarta Area and West Java.
Abraham Viktor, co-founder and CEO, emphasised the necessity of purchasing F&B in their expansion plan.
“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 claims to have expanded more than 70 locations and increased income by more than 23 times since the beginning of 2019. The firm also stated that from 2019 to 2021, it sold ten million portions of products and that it presently sells over one million portions of products each month through its four in-house brands.
