Gibran’s Two Startups Raised Hundreds of Billions from Tech Investors – 1 hour ago

Jakarta, CNBC Indonesia – The startup world is nothing new for Gibran Rakabuming Raka. Before focusing on politics and becoming Mayor of Solo, President Joko Widodo’s eldest son had two startups in the culinary sector.

It’s no joke that the two companies founded by Gibran and Kaesang Pangarep were even able to reap billions of rupiah.

Gibran and Kaesang founded two companies in the culinary sector with Chef Arnold, namely Mangkokku and Goola.

Multi-brand culinary startup Mangkokku last announced funding in the middle of last year. The Series A funding round worth US$ 7 million or around IDR 101 billion to Mangkokku was led by Alpha JWC Ventures and EMTEK, with participation from Cakra Ventures.

Mangkokku previously received seed funding in 2020 from Alpha JWC Ventures. Since then, the company claims to have grown 6x in terms of sales and doubled its number of stores.

The company manages 50 outlets in Jabodetabek, Surabaya, Bandung, Malang and Solo. In the next few months, Mangkokku will also open more of its flagship restaurants, while expanding its cloud kitchen to new areas and cities.

Although the company focused on expanding its offline presence this year, online delivery still makes up the majority of Mangkokku’s sales.

To enhance the buying experience and increase customer engagement, Mangkokku will launch its own mobile application in Q3 2022.

The app will feature self-ordering and pickup services, as well as a loyalty program and many special promotions. Apart from that, Mangkokku also targets to reach its 100th outlet this year and open 100 more next year.

Goola, another startup founded by Gibran and Kaesang with Kevin Susanto and Benz Budiman also received capital injection from a venture capital firm.

Again, Alpha JWC Ventures injected capital of US$ 5 million or the equivalent of Rp. 71 billion.

Alpha JWC Ventures itself has previously injected capital into the beverage business created by the nation’s children, namely Kopi Kenangan. The amount of capital injected is around US$ 8 million.

“So at that time it turned out to be a lot of people attraction, everyone immediately became aware of it. Oh, Indonesian drinks turned out to be cool too. Then there were people who introduced me, ‘eh, this is Goola, it’s up sizing, are you interested in Alpha JWC or not?’,” explained Kevin. “Then finally a meeting was set up. So after about a week and a half, the deal was straight away, everything was set straight away.”

This startup, which sells typical Indonesian drinks in fast food packaging, was founded in 2018. In the short time since its founding, Goola has had 5 stores in Jakarta. However, Goola’s ambitions seem to be hampered by the pandemic.

Millennial startup credit

The pair Prabowo Subianto and Gibran Rakabuming Raka have revealed their promises as presidential and vice presidential candidates during the declaration of progress for the 2024 presidential election which was held at the Indonesia Arena, GBK, Jakarta, Wednesday (25/10/2023).

In his speech, Gibran conveyed various issues that were the commitment of the candidate pairs from the Advanced Indonesia Coalition (KIM) party.

One of them, Gibran conveyed a special program for startups looking for business capital. Gibran conveyed how important it is to support businesses built by millennials in Indonesia.

“Millennial startup credit. This is for millennial businesses based on innovation and technology,” he said.

Apart from that, he also conveyed the healthy child card program. He said that this healthy child card would complement existing public health facilities, namely the Healthy Indonesia Card (KIS).

Not only that, Gibran revealed that the two of them also plan to publish KIS Lansia. This card is to support the health of the elderly.

“Healthy child card to prevent stunting,” said Gibran.

Gibran also expressed his determination to run the Islamic boarding school’s endowment fund. This program is included in the main program that both of them will carry to run for the 2024 presidential election.

The Islamic boarding school endowment fund is a mandate of Law (UU) Number 18 of 2019 concerning Islamic Boarding Schools and Presidential Regulation Number 82 of 2021 concerning Funding for the Implementation of Islamic Boarding Schools.

Gibran said that the two of them would launch a superior program, namely the Islamic boarding school endowment fund.

“This Islamic boarding school’s endowment fund is mandated by law,” said Gibran.

[Gambas:Video CNBC]

Next Article

IDR 330 Trillion Startup Abandoned by Investors, Sick of Being Lied to