Miguel Cordon · · 1 min readIndonesian bean-to-bar choco maker Krakakoa raises funds from IIX, others
Krakakoa, a bean-to-bar chocolate maker based in Indonesia, has raised an undisclosed amount from Singapore’s Impact Investment Exchange (IIX) through its IIX Growth Fund (IGF) as it gears up for a series A round in 2020.
Krakakoa founder and CEO Sabrina Mustopo / Photo credit: Krakakoa
Ladies Investment Club VC and Jeremy Oppenheim, co-founder of advisory and investment company Systemiq, also participated in the fundraise, according to a statement.
Krakakoa aims to support Indonesian smallholder cocoa farmers by directly sourcing from them and offering them training programs. It also works with female factory workers to provide them with a stable livelihood.
With the funding, the startup can increase the capacity of its production facility threefold, putting it on pace to break even by 2020, said founder and CEO Sabrina Mustopo.
Prior to IGF’s direct investment, IIX has supported Krakakoa as part of its Gender-transformative and Responsible Agribusiness Investments in South-East Asia project, which is funded by the Swedish government. IGF, which is targeting to raise US$25 million, has now made four investments in women-led or women-focused impact enterprises.
Editing by Eileen C. Ang
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