Alpha JWC invests $2m in F&B startup co-founded by Indonesia president’s sons

VC firm Alpha JWC Ventures has invested US$2 million in a culinary startup founded in collaboration with serial F&B entrepreneurs Gibran Rakabuming and Kaesang Pangarep, sons of Indonesia president Joko Widodo.

Photo credit: Mangkokku

Mangkokku, which translates directly to “my bowl” in Bahasa Indonesia, offers professional chef-level dishes served as rice bowls. It currently has 12 items priced from 19,000 rupiah to 54,000 rupiah on its menu.

The startup was established in 2019 by Indonesian Masterchef judge Arnold Poernomo and businessman Randy Kartadinata, with Rakabuming and Pangarep taking on more advisory roles.

Between the four founders, they have started at least 12 F&B brands in Indonesia and Australia, including Gioi Jakarta and Surabaya, KOI Dessert Bar Sydney, and traditional pancake chain Markobar.

Mangkokku said it plans to use the new funds to reach 30 branches by the end of 2020 and more than 75 by 2021. It currently operates 22 branches in the Greater Jakarta area and soon will be serving 400 to 600 bowls per branch on a daily basis.

In addition, the startup also plans to expand beyond rice bowls next year, adding beverages, desserts, and packaged chili sauce (sambal) to its menu.

According to Poernomo, Mangkokku operates with a global mindset, believing that growth can be quickly and sustainably achieved by “providing [the market with] the best options at affordable prices and maintaining a standardized process.”

“That’s why we operate all of our branches and apply technology-enhanced cooking processes to maintain product quality and consistency,” he added.