AC Ventures leads $4.8m pre-series A round of Indonesian SaaS firm Majoo

Photo Credits: Majoo

Original post by Tech in Asia

Indonesian business software-as-a-service provider Majoo is closing its pre-series A funding round, its Founder Adi Wahyu Rahadi told Tech in Asia on Wednesday. The round, which raised US$4.8 million, is led by AC Ventures and sees BRI Ventures joining in.

However, the company has not disclosed the valuation of the round at time of publishing.

Founded in 2019, the firm offers several business solutions on one app, with 15,000 merchants using its platform as of May this year. Its integrated business application offerings include point-of-sale devices and supply management software, among others.

With the investment, Majoo will push mainly for market acquisition and product development.

“We are hiring for multiple positions to support our business, mainly for growth in the product and engineering teams,” said Rahadi, noting that the company is also eying an expansion outside of Indonesia.

Majoo, which targets owners of small and medium-sized enterprises like restaurants, retail stores, and laundromats, currently has 300 employees with dedicated sales support available in 60 major cities.

In May, the firm signed an agreement with agriculture-focused digibank BRI Agro to expand banking services and provide loan facilities through its platforms. The tie-up would also include the two firms implementing an open application programming interface through Majoo’s platform to make payments easier for BRI Agro’s customers.

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