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Coca-Cola scouts Indonesian start-ups for collaboration
The company said it would scout for local start-up partners in Indonesia that could help support its business in terms of on-demand delivery, distribution optimization, in-store analytics and eco-friendly packaging.
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Coca-Cola Amatil Indonesia (CCAI) president director Kadir Gunduz. (Courtesy of/Coca-Cola Amatil (CCA))
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ew South Wales, Australia-based soda giant Coca-Cola Amatil (CCA) has expanded its start-up accelerator platform Amatil X to Indonesia, marking the first such initiative in the country's fast-moving consumer goods (FMCG) industry.
Amatil X is CCA's multi-million dollar venture capital arm, which the company first launched in Australia and New Zealand last year to help fund start-ups.
The company said it would scout for local start-up partners in Indonesia that could help support its business in terms of on-demand delivery, distribution optimization, in-store analytics and eco-friendly packaging.
CCA partners and growth director Chris Sullivan cited Indonesia’s rapidly growing start-up ecosystem as the company’s grounds for launching the platform in Southeast Asia’s largest economy, which is home to four unicorn companies.
Chris said his company would raise Series A and Series B funding for the selected start-up companies, although he did not disclose any exact figures.
Series A and Series B rounds are common financing rounds for companies in early stages, with average figures ranging between $1 million and $20 million.
He added that his company would not limit the number of start-up companies it would scout, although it would focus on those that had established revenues, products and markets.
