Indonesian F&B brand Goola gets $5m from Alpha JWC

Indonesian food and beverage chain Goola received its first institutional funding of US$5 million from local venture capital firm Alpha JWC Ventures.

Photo credit: Goola

Goola was founded in 2018 by Kevin Susanto, Benz Budiman, and Gibran Rakabuming, the son of Indonesian president Joko Widodo. It has opened five stores in Jakarta, offering a grab-and-go version of local drinks such as Es Doger Jeger, Es Kacang Hijau, and Es Goola Aren.

According to a statement, the startup is on track to open 15 more stores this year. It also said it’s looking to reach 100 stores in Indonesia by 2020, with plans of expanding regionally and globally. Goola is also planning to launch a mobile app aimed at reducing waiting time in stores and tracking consumer trends.

“Goola was initially set up as a traditional F&B business, but then we realized that we can do something much bigger if we change how we conduct our business and if we incorporate tech in our daily operations,” explained Susanto.

The co-founder also said the company aims to emulate the success of Thai milk tea and Taiwan’s bubble tea, which expanded outside their respective home countries. It also looks to capitalize on the growing business of sweet beverages.

According to a report by Allied Market Research, the global bubble tea market was valued at US$1.96 billion in 2016 and is projected to reach US$3.21 million by 2023. It also identified Asia-Pacific countries such as China and India as high-potential areas for bubble tea market growth.