Ismaya Group, an Indonesian food and beverage firm, has secured $18.1 million in a fundraising round headed by East Ventures, with current investor Falcon House Partners also participating.
The new money will be used to help the firm expand and strengthen its meal delivery service.
Ismaya Group, which was founded in 2003, has over 100 restaurants, bars, and festivals across Indonesia and Dubai.
The firm stated that it is devoted to developing lifestyle ideas in key cities across Indonesia, Southeast Asia, and the rest of the world, particularly when the economy recovers from the epidemic.
“For more than two years, the Covid-19 pandemic has left people being cooped up, creating a sense of pent-up frustration from lockdowns, work from home, physical distancing, and other restrictions. These severely disrupted the F&B industry,” said Ismaya Group CEO Bram Hendrata.
The corporation has turned its attention to meal delivery to overcome the Covid-19 dilemma. It claimed that from March to May this year, its productivity and profitability grew by at least 30% over the same time last year.
East Ventures had previously invested in a number of food and beverage startups, including Fore Coffee, an Indonesian online-to-offline coffee company, ThreeDots, a Singapore-based food surplus marketplace, and Morning, a coffee software business.
