Majoo, an integrated software as a service (SaaS) business solution platform in Indonesia, announced Thursday it has raised $5 million more in pre Series A funding led by AC Ventures and Quona Capital with participation from BRI Ventures, Xendit, bringing the total raised for the latest round to $9 million.
Majoo said in a statement, with its new funding, it will accelerate its product development including instant online store, and marketplace integration, enhance market penetration and hire in multiple positions to support its growth, product and engineering team.
“Economic transformation to industry 4.0 is driving the use of technology that shifts the people’s consumption pattern to become more online-based. In supporting the Indonesian government’s push for micro, small and medium enterprises (MSME) digitalization transformation, Majoo is keenly focused on pursuing the government’s target of reaching 30 million digitized Indonesia MSMEs by 2023, with 500,000 MSMEs expected to be onboard the digital ecosystem every month,” said Adi Wahyu Rahadi, Founder and Chief Executive of Majoo.
According to him, his vision at Majoo Indonesia is to evolve Indonesia’s MSMEs by providing end-to-end solutions for Indonesian MSMEs to manage and grow their business to accelerate the growth of Indonesia’s digital economy.
“With the mission to empower MSMEs in Indonesia, Majoo will continue to add more features to its platform to further support MSMEs to grow their business. Majoo also aspires to expand its team to reach more than 100 cities in Indonesia. With the support of well-connected funds such as AC Ventures and Quona Capital, Majoo believes the partnership will be a major inception point for its accelerating role in Indonesia’s MSMEs digitization,
“It is exciting for us to be able to collaborate with Quona as one of our investors. As a global fintech fund focused on financial inclusion, they look for companies that try to solve real problems for Indonesian MSMEs. We are connected by the same vision,” said Adi.
Majoo is an integrated SaaS business solution platform for Indonesian MSMEs that provides a complete solution for MSME businesses. It is headquartered in Jakarta, with tech offices in Malang, supporting teams in 60 cities and sales representatives in more than 100 cities across Indonesia.
While the company started as a point of sales solution for MSMEs, it has since expanded its offerings to become the “End to end SaaS solution for Indonesian MSMEs” to sell through multiple offline and online channels with a single dashboard.
With strong partnerships, integrations to multiple marketplaces, and a deep relationship with different MSME associations, Majoo has developed a uniquely tailored platform for Indonesian businesses.
Since its launch, Majoo Indonesia has acquired over 25,000 active merchants with best-in-market 12-month retention and with 250 percent growth during this pandemic, demonstrating its products’ quality and market fit.
Presently, Majoo has processed over 100 million transactions worth $600 million for MSMEs in more than 600 cities in Indonesia across a diverse range of businesses from food and beverage to laundromats and convenience stores.
In July 2021, Majoo succeeded in closing pre-series A funding from AC Ventures, Quona Capital, BRI Ventures, and Xendit, to continue its mission in accelerating the digitization growth of Indonesian MSMEs.
“As Majoo continues to enable the digital potential of the 63 million MSMEs in Indonesia, it has proven its ability to expand the services that it brings to its clients. We at AC Ventures (ACV) are proud to double down in supporting their journey of empowering small business owners across the country,” said Adrian Li, Founder and Managing Partner, AC Ventures.
AC Ventures is a Southeast Asian (SEA) venture capital firm investing in early-stage startups focused on the Indonesia and Southeast Asia markets. Its mission is to partner and support entrepreneurs with more than capital, combining the operating experience, industry knowledge, deep local networks, and resources to create value. Its vision is to be a generational partner to founders driving positive change to Indonesia and beyond through technology-enabled ventures.
AC Ventures manages over $300 million in asset under management (AUM) invested across four funds. Since 2012, AC Ventures’ Partners have invested in over 100 technology companies in Indonesia and Southeast Asia, including the most iconic names in the SEA digital ecosystem. AC Ventures’ Founding Partners, Adrian Li, Michael Soerijadji, and Pandu Sjahrir, lead a team of over 20 professionals headquartered in Jakarta, Indonesia.
“We tracked Majoo over the past year and have been deeply impressed by the company’s superb execution and growth, even in the challenging times of Covid-19. We are equally impressed by Majoo’s industry-leading product innovation and customer-centric approach. It’s a privilege to co-lead this round with ACV and work with the distinctive Majoo team, and we are confident that Majoo’s approach of building products in-house and providing a comprehensive solution to clients has the right set up to win in this market,” said Quona Capital Partner Dan Bertoli.
Quona Capital is a venture firm focused on fintech that can expand access for underserved customers and small businesses in emerging markets including South and Southeast Asia, Africa and the Middle East (MENA), and Latin America.
Quona’s global partners are experienced investors and operators in both emerging and developed markets, and invest in entrepreneurs whose companies have the potential to provide outstanding financial returns and promote breakthrough innovation in financial inclusion for both consumers and small and medium enterprises (SMEs).
Quona got its start through a strategic relationship with Accion, a global nonprofit with a legacy in microfinance and fintech impact investing.