JAKARTA, INDONESIA, 15th AUGUST 2022 - Earlier today, Indonesia-based MSME enabler Majoo announced that it raised a US$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.
The company will use the fresh capital to expand its customer reach, initiate more strategic partnerships, and accelerate market penetration overall.
majoo has grown by 800% 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. majoo's software-as-a-service (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.
The SaaS has demonstrated a strong case for product-market fit and is already widely used by a variety of businesses. It has processed more than 166 million transactions worth US$970 million for MSMEs in more than 600 cities in Indonesia. Its customers are diverse, ranging from F&B outlets to barbershops, laundromats, convenience stores, and more.
“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 CEO Adi Wahyu Rahadi.
He added, “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.”
“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 12M customer retention of over 80% shows how valuable their software platform is to their users,” explained Adrian Li, Founder and Managing Partner of AC Ventures. “As a thesis-driven investor, majoo's founding team, clear product-market fit, and surging growth metrics during a time of market upheaval make us proud to be their first institutional investor. We couldn't be happier to join majoo, as it continues powering up the country's 64 million MSMEs.”
“majoo's traction since we co-led their pre-series A round has been impressive,” said Dan Bertoli, partner at Quona Capital. “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.”
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 SME empowerment environment."
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