Indonesia-based made-to-order beverage chain Haus! has completed its series B1 funding round to fuel its expansion plan as competition heats up.
Led by Atlas Global Ventures, Hong Kong-based Strategic Holdings and Prasetia Dwidharma, the round was also joined by several angel investors, including Rama Notowidigdo, the former chief officer at Gojek. The amount raised was not disclosed.
The series B1 funding round follows Haus!’s US$2 million series A funding in 2020 from BRI Ventures. Founded in 2018, the beverage chain target middle and middle-low market segments, catering to millennials and Gen Z consumers. According to the brand, the number of stores has increased 120 per cent since last year.
“In the winter of funding, Haus! is an attractive investment because it has achieved profitability and is not dependent on external funding,” said Arya Setiadharma, CEO of Prasetia Dwidharma. “This makes Haus! can focus the investment received on business growth where other startups are on a survival method.”
Haus! saw a 54.5 per cent increase in sales from US$11 million in 2020 to US$17.53 million last year. The chain currently has about 200 stores across 18 cities in Indonesia.
The funding comes at a time of fierce competition in the Indonesian coffee market as major players increase their influence. One rival Kopi Kenangan is on track to open 100 stores per quarter this year, while another, the Rocket Internet-backed grab-and-go chain Flash Coffee, has secured more than US$30 million in series B1 funding.