Stoqo
The business, the turning points, and the decisions behind them.
01 / WHAT IT BUILT
What the company did
Stoqo (PT Stoqo Teknologi Indonesia) was a Jakarta-based B2B marketplace for the food and beverage industry, founded in 2017 by Aswin Andrison and Angky William. It let small restaurant and hotel owners bulk-source raw materials - rice, eggs, oil, flour, vegetables, fresh meat - at direct-factory prices through an app with same- or next-day delivery, acting as a buyer's e-cooperative. Backed by Alpha JWC, Accel Partners, Monk's Hill Ventures, Insignia Ventures, and ZhenFund, it served thousands of culinary businesses in Jakarta. In April 2020 it ceased operations - a casualty of Covid-19 restaurant closures in Indonesia.
02 / Stoqo FAILURE REASONS
Failure reasons
Stoqo was killed by an external shock, not by its business model: the Covid-19 pandemic. Indonesia's social restrictions hit the F&B industry among the hardest - restaurants reported a 70% drop in revenue - and STOQO's revenue fell drastically as its entire customer base of restaurants and hotels effectively shut down. With its customers unable to order and no path to bridge the gap, the company ceased operations in April 2020.
03 / EVENT HISTORY
Events in the structured record
- Company founded
Aswin Andrison and Angky William founded Stoqo in Jakarta as a SaaS-based B2B marketplace for small restaurant and hotel owners, with seed investment from Alpha JWC.
- Series A raised
Stoqo raised a seven-figure Series A co-led by Monk's Hill Partners and Accel Partners India, with Insignia Venture Partners, ZhenFund, and Alpha JWC; the platform listed 2,000+ products.
- Shutdown
On April 27, 2020, after a drastic fall in revenue from Covid-19 restaurant closures, Stoqo announced on its website: 'With a heavy heart, we announce that STOQO has ceased operations.'
04 / CONTEMPORARY REBUILD ASSESSMENT
Difficulty of rebuilding this project today
Material for this section is being gathered and checked. It will appear here once ready.
Overall assessment: Not completed
05 / CAUSAL CHAIN
How the factors connect
- 01
On April 27, 2020 Stoqo announced on its website that it had ceased operations after a drastic fall in revenue due to Covid-19 restaurant closures in Indonesia.
- 02
The company also announced the termination of its suppliers on its official website; an earlier message had told users 'Wait for us to come back!'
- 03
No bankruptcy filing, loss figures, or creditor claims were publicly disclosed.