Earlier today, Indonesia-based MSME enabler majoo announced that it raised a US$10 million series A funding round led by an undisclosed global fintech-focused growth equity 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.
majoo has clear product-market fit
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 Investors. 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.”
AC Ventures is a leading Southeast Asian venture capital firm investing in early-stage startups focused on Indonesia and ASEAN. The firm’s mission is to partner with and empower entrepreneurs with more than capital. AC Ventures combines operational experience, industry knowledge, deep local networks, and resources to create value. Its vision is to be a generational partner to founders driving positive societal change and economic impact in Indonesia and beyond.
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AC Ventures is a leading venture capital firm investing in early-stage startups focused on Southeast Asia. We are a generational partner to founders driving positive societal change and economic impact in Indonesia and beyond.