The BRI Ventures-managed VC vehicle Sembrani Nusantara Fund announced that it has made its debut investment of US$2 million in a series A round for Indonesia-based drink brand Haus.

Photo credit: Haus

Founded in June 2018, Haus provides “made-to-order” (MTO) beverages including tea, milk tea, chocolate, and coffee, targeting millennials and Gen Z consumers.

The company currently has more than 100 outlets across Greater Jakarta and Bandung, selling over 1.5 million cups per month.

With the new funds, it will continue to expand its offerings across Tier 2 cities in Indonesia, said BRI Ventures CEO Nicko Widjaja.

Unlike high-end brands, Haus said it focuses on the middle and lower-middle market segments, offering products that are priced at as little as 5,000 rupiah (US$0.35).

The startup noted that sales of its products was hit through the walk-in and takeaway channels during the pandemic, but it also saw a jump in its online deliveries.

Haus goes up against rivals Kopi Kenangan, which raised US$109 million in a series B funding round led by Sequoia Capital in May, and the East Ventures-backed Fore Coffee.

See also: Why Kopi Kenangan leads Indonesia’s VC-backed coffee wars

The investment marks BRI Ventures’ first step outside of the fintech and financial services sectors, said the corporate VC firm that is under Indonesia’s state-owned BRI Group. It added that the fund’s pipeline has more deals that will be announced in the following months.

Established in June 2020, the fund focuses on investing in “potential billion-dollar startups that are pursuing sustainable growth and real metrics.”

Currency converted from Indonesian rupiah to US dollar: US$1 = 14,160.5 rupiah.