Alpha JWC Ventures just added Goola into its rapidly expanding F&B portfolio with a US$5 million investment, the VC announced today.
This investment is made after the Indonesian VC firm completed funding in Kopi Kenangan, a local coffee chain startup.
With the fresh fund injection, Goola said it will expand its presence in first, second, and third-tier cities, and kick off their expansion to neighbouring Southeast Asian countries next year.
Goola is an “authentic Indonesian beverage chain startup” founded by Gibran Rakabuming, son of President Joko Widodo. He founded the company with Kevin Susanto and Benz Budiman (who is also known as CEO of Pomona).
Since 2018, Jakarta-based Goola aims to bring local delicacies to the mass market through grab-and-go version of local drinks: Es Doger Jeger (shaved sweetened ice served with glutinous rice, fermented cassava, and coconut meat), Es Kacang Hijau (iced mung beans with coconut cream), and Es Goola Aren (a traditional twist of popular brown-sugar boba).
“Goola was initially set up as a traditional F&B business, but then we realised that we can do something much bigger if we change how we conduct our business and if we incorporate tech in our daily operations,” said Susanto.
On their pipeline, Goola said, it is in the process of implementing a New Retail approach. It wants to set up a mobile application to reduce waiting time in stores. The app will also help the company analyse users’ consumption habits and preferences to improve overall customer experience.
“If bubble teas can do it, why can’t we? Goola is here to level the playing field against foreign brands,” Rakabuming added.
Alpha JWC Ventures Managing Partner Jefrey Joe also put out a statement regarding the continuous investment in the Indonesian F&B tech scene.
“Goola shares the same mission and ambition as us and we are excited to partner with experienced businessmen Gibran and Kevin to introduce local culture to the mass market and later, to the world. As Indonesian investor and team, we take pride in our mission to help Indonesian founders and companies to be successful in Indonesia and bring them to the global stage,” he said.
In October 2018, Alpha JWC Ventures made a notable move to invest in a local coffee chain startup riding the grab-n-go coffee chain trend, Kopi Kenangan. The investment was a seed funding of US$8 million that the startup said would be used to set up new stores, invest in R&D, as well as to develop its own mobile app.
Alpha JWC Ventures is a Southeast Asian venture capital firm with an Indonesia angle and a focussed value-add approach. The firm currently manages two funds of US$ 50 million and US$ 100 million; and more than 28 active portfolio companies.
Today, Goola said it has opened five stores in Jakarta with 15 more ready to open doors this year. By 2020, they aim to reach 100 stores in Indonesia and reach for regional and even global expansion.
Image Credit: Goola