Indonesia – Indonesia-based SaaS business solution platform, majoo, has raised a pre-Series A funding of US$5m, which brings its total raised to US$9m. This funding round was led by AC Ventures and Quona Capital, as well as the participation of BRI Ventures and Xendit.
With its new funding, majoo will be boosting its product development including the instant online store and marketplace integration. majoo enables MSMEs to sell through multiple online channels with a single dashboard. The company said that with the new funding, It will also be enhancing market penetration and hiring in multiple positions to support its growth, product, and engineering team.
Adi Wahyu Rahadi, majoo’s founder and CEO, shared that its mission 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,” said Rahadi.
Meanwhile, Adrian Li, AC Ventures’ founder and managing partner, said, “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.”
Dan Bertoli, Quona Capital’s partner, commented, “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.”
According to the company, as of date, it has processed over 100 million transactions worth US$600m for MSMEs in more than 600 cities in Indonesia across a diverse range of businesses from F&B to laundromats and convenience stores.