Australia's Largest Beverage Company Scouts for Startups with X Factor in Indonesia
Australia-based food and beverage company, Coca-Cola Amatil, has announced that it will establish its operations in Indonesia through its corporate venture capital (CVC) fund,Amatil X. The firm aims to leverage local startups and build entrepreneurial capability in the ecosystem.
“The move aims to capitalise on Jakarta’s fast-growing reputation as the next start-up capital of South-East Asia in terms of number of deals and size of investment,” says the firm in a press statement.
Indonesia –a Hotbed for Startups
Citing the figures of Indonesia’s growing start-up ecosystem and venture capital funding, group managing director Alison Watkins says, “We are seeing growth in the food and beverage sector where consumer trends and technology are merging. For example, restaurant tech is personalising the experience for consumers and driving profitability for customers.”
Launched in April 2018, Amatil X already has its operations in Australia and New Zealand. It includes a multi-million dollar venturing fund, which has already invested in two startups, Doshii and TabSquare.
The firm will be scouting for startups that are involved in on-demand delivery, sustainable packaging and in-store analytics.
The VC program will commence operations this month with a pilot partnership between Coca-Cola Amatil Indonesia and Digitaraya, an established local accelerator program powered by Google.
Amatil X Academy
The F&B giant has also announced its flagship program The Amatil X Academy – an internal program to build entrepreneurial capability powered by venture studio and innovation group, BlueChilli.
“Research suggests that 70 per cent of Indonesian millennials are interested in becoming entrepreneurs,” says Watkins.
“Through the Amatil X Academy, we will identify our entrepreneurs and give them the opportunity to develop their ideas through a structured internal accelerator program.”
BlueChilli CEO Sebastien Eckersley-Maslin said he was thrilled to extend the partnership with Coca-Cola Amatil, which was part of the venture studio's broader expansion plans for South East Asia this year.
"We want to help people anywhere solve society's greatest challenges with technology," says Eckersley-Maslin. "As part of this, we are committed to helping world-class organisations like Coca-Cola Amatil embrace the lean startup methodology, so they can better adapt to disruptive shifts, innovate rapidly and transform their business for the future," he adds.