Indonesian food & beverage startup Hangry has raised $6.4 million through the issuance of new preference shares, in a funding round first reported by DealStreetAsia in August. The latest issuance brings the company’s total paid-up capital since inception to $55.1 million.
Alpha JWC Ventures, Hangry’s largest backer, led the round via its new fund Alpha JWC Ventures III, L.P., committing $5 million. The round also saw follow-on participation from its other vehicles, Alpha Food Limited and PT AJWCS Sinergi Tiga, which contributed $1.4 million and $30,500, respectively.
Existing investor Atlas Pacific Capital also joined the round with a nominal cheque of $2,643.
The new shares were priced at $14.50 apiece, nearly double the price of the last preference share issuance in April, implying a post-money valuation of $109.6 million, almost twice the prior round’s valuation.
Following the transaction, Alpha JWC now holds a 43.9% stake in Hangry through multiple vehicles. It is followed by Journey Capital Partners and PT Minum Enak Makan Enak, with 18.8% and 8.9% ownership, respectively.
Top 5 investors in Hangry
As previously reported, the latest round is expected to help Hangry reach a $120 million revenue run rate ahead of its planned Series B fundraise. The six-year-old company, which currently operates 110 outlets, aims to scale to 200 locations by 2026. According to sources, Hangry achieved profitability in Q2 2025, fuelled by strong store-level revenue growth.
Hangry operates in a crowded market with over 300,000 online F&B merchants in Indonesia, including 22,000 chicken brands. While giants like KFC and Pizza Hut lead the space, Hangry bets on local flavours and affordability to stand out. Its key brands include Moon Chicken, Ayam Koplo, and Mak Dura, alongside Accha, acquired in 2022.
More global PE funds eye SE Asia
The fundraising pipeline for global and pan-regional private equity funds with partial exposure to Southeast Asia is gaining strong momentum in 2025. By August, 19 such funds had reached interim closes, raising at least $17.6 billion, already surpassing the 16 interim closes throughout 2024, which collectively secured $10.7 billion, according to DATA VANTAGE’s latest bi-annual report.
The trend highlights Southeast Asia’s continued appeal as part of broader pan-Asian or global strategies, even as local GPs face headwinds. Global and regional fund managers appear better positioned to mobilise capital at scale, benefiting from investor appetite for diversified mandates that reduce country-specific risks while retaining exposure to the region’s long-term growth.
This shift reflects a preference among limited partners for allocations embedded in multi-market vehicles, especially in a climate of heightened macro and geopolitical uncertainty. Funds that spread exposure across geographies, from India and Greater China to Southeast Asia, are being viewed as more resilient and scalable bets.
As of August, there are 55 global and pan-regional funds in the market targeting a combined $80.3 billion, of which 41% has already been raised, according to DealStreetAsia’s data. The robust pace of fundraising suggests global allocators continue to view Southeast Asia as a core satellite allocation, even if dedicated pools of capital remain limited.
Other updates from DATA VANTAGE
Singapore-based healthtech startup MiyaHealth has converted $12.5 million in convertible notes into new preference shares, bringing its total paid-up capital to $13.4 million. The conversion follows the company’s recent launch of its AI-driven health benefits platform across multiple markets, as it ramps up regional expansion.
Evo Commerce, a Singapore‑based house of D2C brands, has issued $3.9 million in new preference shares to a syndicate including US-based investor GSR Ventures, Indonesian VC East Ventures, UK-based T1 Capital, and others. Founded in 2020, Evo Commerce has raised $6.8 million to date.
PayU Fintech Holdings B.V., the Netherlands-based holding company for PayU, recently topped up its investment in Singapore-based Red Dot Payment by $1.7 million, bringing its total capital injection so far in 2025 to $4.8 million. PayU acquired a majority stake in Red Dot Payment in July 2019.
Vietnam-based AiViet Ventures has topped up its investment in electric motorcycle maker Dat Bike with an additional $200,000. Regulatory filings show the mobility startup has raised a total of $43 million to date, with $34.2 million secured in 2025 alone.
Felgo Capital has increased its investment in Singapore-based fintech lender Nikel by a further $807,000. The company has raised a total of $5 million so far this year, bringing its cumulative paid-up capital to $16.5 million since inception, according to regulatory filings.
Singapore-based investment platform Alta Group, which runs Alta Exchange platform, received a $776,000 capital injection last week from its parent company, Fundnel Limited. The funding boosts its paid-up capital to over $16.1 million.
