majoo founding team
majoo, an integrated SaaS business solution platform for Indonesia’s MSMEs, has raised an additional US$5 million in its pre-Series A round.
AC Ventures and Quona Capital co-led this round, with BRI Ventures and Jakarta-based fintech unicorn Xendit participating.
This round brings the total funding raised in this round to approximately US$9 million. majoo will use the funds to ramp up its product development, which includes the integration of its instant online store and marketplace.
The startup will also strengthen its market penetration and expand the team.
Also read: The 27 Indonesian startups that have taken the ecosystem to next level in 2021
majoo was established in 2019 by former LinkAja commercial head Adi Wahyu Rahadi, former PT Sentra Inti Nusa Energi director Audia Rizal Harahap, and its current VP Engineering Bayu Indriarko.
Started as a Point of Sales (POS) solution for MSMEs, the company later expanded to provide an end-to-end SaaS solution involving employee management, POS, and inventory management throughout the Indonesian microentrepreneurs selling process.
The Jakarta-headquartered company has a tech team in Malang, supporting teams in 60 cities and sales representatives in more than 100 cities.
Since its launch, majoo claims to have acquired over 25,000 active merchants with 12-month retention and 250 per cent growth during this pandemic.
So far, majoo stated that it 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.
Last October, majoo secured US$4 million in pre-Series A funding led by AC Ventures with participation from BRI Ventures and Xendit.
As per Indonesian Ministry of Cooperatives & SMEs data, Indonesia has over 63 million MSMEs, accounting for around 99 per cent of all businesses in the archipelago. Meanwhile, the rate of digitalisation for the country’s MSMEs was only 13 per cent in 2019, with internet connectivity remaining an issue, as stated in UOB ASEAN Transformation Study.
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Image credit: majoo
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