Gibran Rakabuming's Goola secures $5 million in funds

Aug 21, 2019

Jakarta (Indonesia) August 21: The Goola traditional beverage brand founded by Gibran Rakabuming, the eldest son of President Joko "Jokowi" Widodo, has received Rp 71 billion (US$5 million) from a Jakarta-based venture capital firm, Alpha JWC Ventures.
Gibran, who founded the brand with entrepreneur Kevin Susanto, wants Goola to be the market leader in Indonesia and to expand to other Southeast Asian countries in 2020.
The first Goola outlet having opened in August last year, five are now located in Jakarta shopping centers. The company wishes to add 15 more by the end of 2019 and establish a total of 100 outlets next year.
Jefrey Joe, managing partner of Alpha JWC Ventures, said that both parties wish to make local entrepreneurs and startups known internationally. "We're very proud and excited to work together with Gibran and Kevin to introduce Indonesian culture to more people and, later, to different countries," Jefrey said in an official statement.
Gibran said he is certain the brand has the opportunity to be the market leader because of the growing demand for and people's positive acceptance of its products. "Our next challenge is presenting Goola and local beverages to culinary enthusiasts worldwide," Gibran said.
Kevin added that they initially planned for Goola to be a conventional culinary business before realizing they could do something bigger. "We want Goola to become an icon of Indonesia in the world, just like Thailand's Thai tea and Taiwan's bubble tea," he said.
The brand plans to also implement a word-of-mouth strategy to reach the international market and a "new-retail" system by using an app that is still under development. The app would enhance the customer experience of purchasing beverages, along with offering a loyalty program and online reservations.
With that in mind, Gibran said that their products would always be the main thing. "The app is one thing, but for me the most crucial factor is our recipe. Many have said that our drinks remind them of their childhood memories and forgotten traditions," he said.
For now, Goola offers 22 items within different sections, namely Signature, Tea, Coffee and Refreshing. The brand puts a twist on the country's traditional beverages, such as by using pacar cina (sago pearl) to replace tapioca pearl and santan (coconut milk) topping foam to substitute for cheese foam.
Source: The Jakarta Post