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SME platform Majoo bags $5m more in pre-series A round
In its latest funding 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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A woman scrolls through the dashboard of SME platform Majoo. (Majoo website/-)
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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.
