Jakarta, Indonesia – Indonesia-based culinary multi-brand startup Hangry has announced its latest equity and debt funding of US$22m, making it to US$35m 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. 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. Hangry first opened in November 2019 and was built with a mission to provide great, easily accessible, yet affordable F&B options. Since its establishment, the company has successfully launched multiple brands with large culinary varieties, such as Moon Chicken by Hangry which is a Korean-inspired fried chicken, San Gyu by Hangry which boasts authentic Japanese cuisine, and Ayam Koplo by Hangry, a new take on various traditional chicken delicacies.
Hangry has, in fact, already made its first acquisition recently – Accha – which delivers Indian soul food in Greater Jakarta and West Java. Established in the same year as Hangry, Accha offers Indian localized Indian cuisine at affordable price points. The company said this marks its invite to other winning F&B brands to join the company and build and expand the brands together.
“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,” said Hangry Co-founder and CEO Abraham Viktor.
Viktor shared that adding brands has always been in the pipeline of the company with multi-brand and multi-channel as its core concept. In addition to that, he also hinted at their ambitious global plans.
“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,” said Viktor.
Subsequent to the fundraising process, Hangry’s target expansion is region-wide starting from 2024. The company said 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 has opened more than 70 outlets. With Accha joining the house, this brings their managed brands to five.