Indonesia-based micro, small and medium enterprises (MSME) enabler majoo announced on Monday that it raised a $10 million series A funding round led by an undisclosed global technology investor.

The deal was joined by existing investors AC Ventures, Quona Capital, BRI Ventures, and Xendit, majoo said in a statement.

According to the statement, the company will use the fresh capital to expand its customer reach, initiate more strategic partnerships, and accelerate market penetration overall.

“Digitalization plays a major role in transforming MSMEs. To date, Indonesian MSMEs have benefited from new tech that enables them to gain access to a national audience, reduce operational costs, and optimize transaction processes. Majoo will act as a driving force for digitization and continue empowering and growing MSMEs with our end-to-end solution,” said ​majoo Founder and Chief Executive Officer Adi Wahyu Rahadi.

“This funding round from strong, global, and prominent investors makes majoo even more excited to embark on the company’s new phase. The funds will be used to continue our long- term mission and to help Indonesia’s MSMEs evolve. It will help expand our technology development roadmap and form foundational, strategic partnerships that will further scale our business,” he added.

Founder in 2019, majoo is an integrated software as a a service (SaaS) solution for Indonesian MSMEs. The commpany has acquired more than 35,000 Indonesian MSMEs and has processed more than 166 million transactions worth $970 million in more than 600 cities. Its customer-base spans various industries, ranging from food and beverage outlets to barbershops, laundromats, convenience stores and more.

The firm has grown by 800 percent during the Covid-19 pandemic, as the wave of lockdowns and stay-at- home mandates drove large swathes of Indonesian MSMEs to start doing business online.

Its SaaS suite helps small enterprises of all shapes and sizes succeed with offerings like an online cashier system, inventory management, accounting tools, and an all-in-one management dashboard for selling online across various e-marketplaces.

“Majoo is at the forefront of technologies empowering MSMEs to emerge stronger out of the pandemic as consumers and businesses embrace digital consumption habits. In addition, their 12 month customer retention of over 80 percent shows how valuable their software platform is to their users,” said Adrian Li, Founder and Managing Partner of AC Ventures.

AC Ventures is a Southeast Asian venture capital firm investing in early-stage startups focused on Indonesia and ASEAN.

“Majoo’s traction since we co-led their pre-series A round has been impressive. We are particularly excited about majoo’s products — the fully in-house- developed payment and support features are, in our view, the best in the market. We are confident that majoo is on the right track to become the leader in POS in Indonesia,” said Dan Bertoli, partner at Quona Capital.

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.

Nicko Widjaja as the CEO of BRI Ventures is confident that the synergy value between majoo and BRI as the largest MSME financial institution in Indonesia will help further digitize MSME in Indonesia with majoo and BRI’s services.

“This is in line with BRI Ventures' commitment to continue to encourage financial inclusion in Indonesia in this digital era and create a sustainable small and medium-sized enterprises (SME) empowerment environment,” he said.

BRI Ventures is the corporate venture capital arm of Indonesia’s state-owned BRI Group, the largest microfinance institution in the world. BRI Group, home of Indonesia’s leading digital bank, is also then nation’s largest MSME lender.

Indonesian SaaS firm Majoo nets $5M more in pre-series A round led by AC Ventures & Quona Capital