SerMorpheus, an Indonesia-based web3 brand-retailer enabler, announced Thursday the completion of a $2.5 million seed round of financing led by Intudo Ventures.
The round also saw participation from 500 Global, Febe Ventures, AlphaLab Capital, BRI Ventures, and Caballeros Capital, SerMorpheus said in a statement.
With this round of financing, SerMorpheus will focus on building out infrastructure to bridge the gap between web3 and Indonesian brands and consumers, and recruiting top talent across all functions.
The company is developing creator tools, including a self-service drag and drop NFT builder, which allow users to mint and release non-fungible tokens (NFTs) quickly with zero technical knowledge required.
It will also provide analytical tools to help creators track their collection and user base.
“We envision web3 will be part of our daily life in the future and NFTs have massive potential to reach an even bigger audience than crypto has,” said Kenneth Tali, Co-Founder, SerMorpheus.
“Web3 has gained significant traction in Indonesia, where community and consumer products consistently outperform other market segments. We are excited to bring NFTs to Indonesia’s mass market as a gateway to the greater world of web3,” he added.
Launched in January 2022, SerMorpheus is an Indonesian web3 enablement platform onboarding brands and retailers into the new digital economy.
The firm empowers brands and creators to develop NFTs and manage utilities that allow them to engage directly with customers and communities, unlocking brand value through ultra-personalized shopping experiences.
Through the company’s online-to-offline bridge, NFT holders can earn real-life benefits at events held by brands and retailers, and seamlessly claim/mint branded NFTs in real-life through offline activities, such as concerts, movies, and branded events.
SerMorpheus is building infrastructure for Indonesian brands and creators that connect web3 products and services to web2 users, eliminating technical barriers and reducing friction.
The company works directly with Indonesian and global businesses, brands, and creators to develop NFT products and features to improve community engagement and unlock utility, acting as a technical partner to help them build web3 products and services for their customers and fanbases.
For users, it eliminates onboarding friction by directly connecting with global NFT marketplaces on their behalf, and allowing transactions to be made in rupiah (IDR) with just an email address and phone number, simplifying the process to enter the new digital economy.
“As NFTs and other crypto assets have gained global traction, the demand for localized onramps has dramatically increased for both consumers and brands alike that can understand their unique characteristics and circumstances,
“SerMorpheus is building the infrastructure to bring web3 to Indonesia and we’re excited to join them on this journey,” said Patrick Yip, Founding Partner, Intudo Ventures.
Brands that have trusted SerMorpheus to develop and distribute customized NFTs include: Indonesia Comic Con, professional football club PERSITA Tangerang, Jogjarockarta music festival, Indonesian actress and singer Prilly Latuconsina, as well as Visinema Pictures-produced film Mencuri Raden Saleh, among others.
Building off strong demand by brands to engage with Indonesian audiences, SerMorpheus will accelerate efforts to onboard more brands into the new digital economy, including NFTs that accompany movie ticket purchases, event attendance, and other online-to-offline activation campaigns.
“Web3 represents the latest iteration of what the internet promised to deliver—a world where each of us can co-create and co-own. However, only an estimated 400 million people are crypto users in a world of five billion internet users, with billions more coming online in the next few years,
“As SerMorpheus serves Indonesia, what they build is also key for a truly inclusive internet, beyond Indonesia,“ said Khailee Ng, Managing Partner of 500 Global.
Febe Ventures Co-Founder and Managing Partner Olivier Raussin said blockchain technologies are creating new ways for creators and brands to interact with their fans and consumers, including real-life use cases such as rewarding customer loyalty.
“SerMorpheus is the choice of technical partners for Indonesian businesses looking to drive engagement in the new digital economy,” he added.
AlphaLab Capital Venture and Ecosystem Partner Julia Zhou said given the young demographic and burgeoning population of Indonesia, the country holds enormous growth opportunities for web3, in particular localized NFTs.
“Alphalab Capital is not only excited that SerMorpheus is able to increase accessibility of NFT’s to this high potential audience, but also to connect brands with existing fanbases through the creation of NFTs. This will be the future of brand engagement,” she added.