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Majoo bags $5m more in pre-series A round
SME-focused software startup Majoo raised an additional US$5 million to bring its total pre-series A funding to $9 million for expanding its reach, staff and features.
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oftware-as-a-service (SaaS) start-up Majoo, which focuses on small and medium enterprises (SMEs), has raised US$5 million in its pre-series A funding round and plans to expand to reach 100 cities across the archipelago this year.
Majoo said it would use the latest fund to accelerate marketplace integration and product development, including a feature to create online stores. The company also planned to penetrate new markets and hire more people.
Indonesia’s AC Ventures and the United States’ Quona Capital led the latest funding round, with participation from Bank BRI’s BRI Ventures and fintech firm Xendit.
Last October, Majoo raised $4 million in a separate round also led by AC Ventures, bringing its total pre-series A funding to $9 million.
“Majoo has proven its ability to expand the services that it brings to its clients. We at AC Ventures are proud to double down [our support] for their journey of empowering small business owners across the country,” AC Ventures founder and managing partner Adrian Li said in a press release on Thursday.
SMEs contribute 60 percent of the country's gross domestic product and absorb 97 percent of the workforce.
Indonesia had around 64,000 SMEs last year, but only 15.9 million businesses had digitalized. The government has set a target to onboard 19 million SMEs to digital platforms this year and 30 million SMEs by 2030.
Read also: Govt. urges SMEs to digitize, get credit scores for easier financing
Majoo started as a point of sale solution for SMEs, but has since expanded its services to help small businesses sell their products through multiple online channels through a single dashboard.
Since its launch in 2019, the company has expanded to more than 25,000 active merchants, including food and beverage suppliers, laundry services and convenience stores.
As of February, Majoo has processed over 100 million transactions worth $600 million by SMEs in more than 600 cities across Indonesia.
Majoo founder and CEO Adi Wahyu Rahadi said the company also aimed to expand by hiring personnel for multiple positions in its growth, product and engineering teams and develop its features.
“Majoo will continue to add more features to its platform to further support SMEs to grow their business,” Adi said.
“With the support of well-connected [investors] such as AC Ventures and Quona Capital, we believe the partnership will be a major inception point for its accelerating role in Indonesia’s SME digitalization.”
