Indonesian beverage startup Goola said it has raised USD 5 million from local venture capital firm Alpha JWC Ventures.
Goola started out as a traditional F&B business for sweet beverages such as shaved ice desserts, but now it wants to upgrade by incorporating technology into its operations. It is planning to launch its mobile application, which will reduce the waiting time in stores and help Goola analyze customers’ consumption habits–this is comparable to the approach of new coffee chains like Kopi Kenangan.
Goola has one important asset: its founder, Gibran Rakabuming, is the Indonesian President’s eldest son. Rakabuming is an experienced entrepreneur who started a culinary business in 2010 and has been involved in the F&B industry since. He founded Goola together with partner Kevin Susanto in 2018.
Goola has five stores in Jakarta with 15 more ready to open this year. It plans to use the funds raised to cement its position in Indonesia’s first, second, and third-tier cities with the aim of setting up 100 stores in the country by 2020. Regional and global expansion is also in the pipeline.
The global market for sweet beverages grows at an annual rate of 7.4% and is expected to reach USD 3.21 billion by 2023, according to Goola’s research.
As an Indonesia-focused venture capital firm, Alpha JWC invests heavily in consumer tech and fintech startups in Indonesia. Some of the companies in its portfolio include Carro, Sorabel, and Kredivo. It’s also an investor in Kopi Kenangan.