Indonesia-based majoo raises US$5M led by AC Ventures and Quona Capital
Published on February 10, 2022
majoo, an integrated SaaS business solution platform for Indonesia’s MSMEs that provides a complete solution to manage and grow MSMEs business, announced today it has raised US$ 5million more in pre-Series A funding led by AC Ventures and Quona Capital with participation from BRI Ventures, and Xendit. To date, the company has raised close to US$ 9 million for the latest round.
With its new funding, majoo 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.
Established in 2019, the startup 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 online 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, the company has acquired over 25,000 active merchants with best-in-market 12-month retention and with 250% growth during this pandemic, demonstrating its products’ quality and market fit.
Presently, majoo has processed over 100 million transactions worth US$ 600 million for MSMEs in more than 600 cities in Indonesia across a diverse range of businesses from F&B to laundromats and convenience stores.
majoo and industry 4.0
Adi Wahyu Rahadi, Founder & CEO of majoo, said, “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 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.”
Adi continued, “Our 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”. said Adi.
“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 & Managing Partner, AC Ventures.
“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.
Quona Capital partner Dan Bertoli said, “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.”