Indonesia’s Jago Coffee, a mobile coffee operator which delivers affordable drinks on electric carts, has secured US$12 million in a Series B round, lifting its total funding to more than $20 million.
The investment was led by venture capital firm Beenext, with participation from Intudo Ventures and Orzon Ventures, according to Tech in Asia.
An employee drives a Jago coffee cart in Indonesia. Photo courtesy of Jago |
The new capital is intended to back expansion, even as recent financial data shows widening losses alongside revenue growth.
Jago draws inspiration from local street vendors and operates fully electric carts to offer affordable coffee priced from about $0.50 to mass-market consumers.
The company has developed its own technology stack, using machine learning to identify expansion areas, along with dedicated apps for baristas and customers.
Jago grew more than 13 times in 2023, according to TechNode Global. The company recorded a 17% increase in revenue in December 2024, but its losses more than doubled over the same period.
The investment indicates venture capital is increasingly flowing toward companies that apply software to manage local, on-the-ground operations, rather than focusing solely on digital products.
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