Mangkokku Gets Series A Funding of 101 Billion Rupiah Led by Alpha JWC and EMTEK
Culinary startup Mangkokku received series A funding of $7 million or around 101 billion Rupiah led by Alpha JWC Ventures and EMTEK, and participation from Cakra Ventures. Through this funding, Mangkokku will increase the number of physical outlets and build a culinary brand ecosystem to become the largest F&B group of companies in Indonesia.
For information, previously Mangkokku had pocketed an initial investment of $2 million from Alpha JWC Ventures or around 29 billion Rupiah in 2020.
In his official statement, Mangkokku Co-founder & CEO Randy Kartadinata said, the company has achieved product-market fit and has a loyal customer base with ricebowl products as a starting point.
Now Mangkokku is ready to take the next step by launching a holding company “Nusantara Culinary Group” to bring more menu variations and taste preferences to consumers.
“Mangkokku is ready to become the largest F&B group of companies in Indonesia that targets the mass market and has an ecosystem with a series of culinary brands,” said Randy.
Meanwhile, Alpha JWC Ventures Co-founder and General Partner Jefrey Joey added, “Mangkokku continues to reach new milestones since our first investment last year.”
Mangkokku’s strong fundamentals with innovation and continuous R&D enable them to consistently launch new products, namely contemporary and Indonesian specialties with the best chef standard quality. The company is excited to take this partnership into the next evolution.
The company was founded by Gibran Rakabuming, Randy Kartadinata, Arnold Poernomo, and Kaesang Pangarep which offers quality culinary products like professional chefs and can be enjoyed by anyone.
Based on internal data, Mangkokku has recorded sales growth and the number of outlets 6x and 3x, respectively. Currently, Mangkokku has 50 outlets spread across Jakarta, Bandung, Surabaya, Semarang, Malang, and Solo.
Mangkokku also said that it has pocketed four million orders in a year via online and offline. With the Covid-19 pandemic situation starting to recede, Randy revealed that he would continue to expand his physical outlets.
In the next few months, they will open more flagship restaurants and cloud kitchens in new cities. His party will also add to the Mangkokku collaboration, as has been done previously with the judges and winners of MasterChef Indonesia to Garena’s Free Fire.
Even so, his party will continue to prioritize purchases through online channels. To enhance the ordering experience, Mangkokku will launch the app in the third quarter of this year.
“Mangkokku will strengthen its presence, both online and offline through new outlets, dine-inflagship restaurants with extraordinary customer experiences, mobile applications, and most importantly exclusive dine-in restaurants to accommodate various types of food preferences. We aim to become an all-rounder new culinary retail company,” he explained.
Recently, Mangkokku launched the first flagship outlet located in Jakarta, which comes with a modern, cozy concept, and is accompanied by a special dine-in menu. It claims to have received thousands of customers in the first four weeks of its opening.
“With customer-focused strategy, discipline, thoroughness, and maintaining the quality of our operations, Mangkokku will become a sustainable business in the long term.”
Besides Mangkokku, IDN Media Also Announces Series D Funding
A media company that focuses on the younger generation IDN Media has completed its series D funding led by Mayapada Group and KMIF, and is supported by East Ventures, Dentsu Group, OCBC NISP Ventura, and V Media Ventures.
In the release, it is stated that this fresh fund will not only help IDN Media to increase the number of users through its super-app and ecosystem strategy, but also to develop technology, strengthen the team, and carry out various acquisitions.
In 2019, IDN Media received series C funding led by EV Growth – a joint venture capital company East Ventures, Sinar Mas and Yahoo! Japan; devoted to advanced funding.