Heaptalk, Jakarta — Indonesia’s coffee chain, Jago Coffee, has completed a Series A investment of US$6 million, approximately Rp97 billion, led by its existing investors, including Intudo Ventures and BEENEXT Accelerate. Other strategic investors, such as ORZON Ventures and D Global Ventures, backed this round.
Prior to this latest funding round, Intudo Ventures and BEENEXT had already invested US$2.2 million in Jago Coffee’s Pre-Series A round, which is participated in by CyberAgent and Arkblu Capital. With this new injection of funds, Jago Coffee is set to expand its operations significantly. The company plans to broaden its service coverage, establish new depots, and introduce more mobile carts. Additionally, the capital will be used to enhance the company’s technology stack further.
Cited in Tech in Asia, Jago Coffee’s detailed funding allocation will enable the startup to generate approximately 3,000 – 4,000 job opportunities, establish around 15 depots in the Jakarta Area, and introduce around 10,000 mobile cafe units over the next three years. Moreover, Jago Coffee aims to extend its reach to the Jakarta area and two other tier 1 and 2 cities in the next four years, further contributing to local economic growth.
“This funding is a financial boost and a form of investor confidence in the company’s vision. We will continue to bring unique experiences to more communities and ensure every cup we serve strengthens the connection between quality and accessibility. We are excited to embark on this next chapter of growth and to continue delivering exceptional value to our customers and partners,” Jago Coffee’s Co-Founder and Chief Executive Officer, Yoshua Tanu, said.
Since its establishment in 2020, Jago Coffee has distinguished itself with a hyperlocal approach, delivering its beverage products to end customers within a 1-2 km radius for faster service. This unique strategy has allowed the coffee chain startup to cover about 7% of Jakarta. With a business objective to reach over 50% of Jakarta’s area by the end of this year, Jago Coffee is poised for significant growth. By addressing the needs of low-to-middle-income customers through its tech stack, the startup has demonstrated steady profitability, with growth of up to 13 times projected for 2023.
Its existing investor, Founding Partner of Intudo Ventures, Patrick Yip, realized this coffee chain startup’s business model is distinctly to Indonesia’s marker, amplified by the recognition of local consumer behavior. “We will continue to support this coffee brand as they expand throughout Jakarta and beyond,” Patrick added.
