JumpStart recorded revenue growth of more than 400% in the second half of 2022 and posted its EBITDA positively.
Heaptalk, Jakarta — A coffee vending machine development startup, JumpStart, has secured new funding for an undisclosed amount in a Series B round led by Cool Japan Fund (CJF) and Living Lab Ventures. Previously, this startup also gained Series A funding from GDP Ventures in 2018.
According to the CEO of JumpStart, Brian Imawan, the company will use the fresh injection to increase the number and variety of smart vending machines from Jumpstart. In addition, the company will also continue to update the technology on smart vending machines in hopes of increasing user loyalty.
He added, “With this effort, Jumpstart wants to provide consumers with a more engaging shopping experience. Recruiting a quality team is also JumpStart’s focus to assist the company in elevating business to be more competitive in the Indonesian market,”
Starting his company as a Smart Coffee Machine that can serve a menu of around 20 types of coffee and non-coffee preferences in 2017, JumpStart plans to be able to go international in 2025. JumpStart has 2000 machines and increased its signature menu to 25 options.
In 2022, JumpStart started a new line of business models in the form of smart vending machines that can peddle multiple products, spanning food and beverage, fashion, medicines, cosmetics, food needs, and animal foods, to various MSME products.
As a result, this startup recorded revenue growth of more than 400% in the second half of 2022 and posted its EBITDA positively. The rapid growth influenced this achievement in post-pandemic market demand, product innovation, and education regarding this smart machine facility’s use, facilitating customers to get products anytime.
In response to this investment, the PR Representative of Cool Japan Fund, Hashimoto, voiced, “CJF will continue to deliver the attractiveness of Japanese food and beverage products in collaboration with related companies. Also, this investment aims to reinforce business relations between Japan and Indonesia to carry out benefits for both countries to increase economic growth.”
By investing in a business that installs fully automatic vending machines with cashless and Artificial Intelligence (AI) functions in Indonesia, CJF intends to expand the sales of Japanese manufactured goods, including cakes, drinks, and snacks in Indonesia. The company also looks forward to creating a platform for producers to expand into Indonesia.
Currently, startup JumpStart has accommodated customers in several regions of Indonesia, including Jakarta Greater Area, Bandung, and Surabaya, with over 2,000 machines spread across these regions. Through this latest funding, the company is ready to expand to several other big cities, such as the islands of Java and Bali, in the middle of 2022. The expansion strategy of creating the latest product diversification is expected to increase sales attractiveness to new customer segments.
“Together with our internal engineering and creative teams, we have prepared several breakthroughs by making some interesting latest machines, including private label products in them, which we believe will provide new customer experiences,” concluded Brian.
