Indonesia is ultimately an early stage ecosystem for startups.
We see more and more newcomers on the ground each year. The good thing is that the growing number of startups are matched by increasing interest from venture capitalists (VCs) in the country. Let’s take a look at which verticals receive most attention from VCs and successfully attract follow-up investments.
According to Tech in Asia data, ecommerce accounts for more than 30 percent of the total number of startups that raised funding in Indonesia. Narrowed down to startups that raised follow-up funding (defined here as those who have raised series A or higher after their seed round), ecommerce players are even more dominant with over 40 percent out of the total follow-up funding for startups. This fact leads to the conclusion that ecommerce is still the hottest category in Southeast Asia’s biggest market.
Startups that capture mass markets are obviously top options for most VCs. Tokopedia, Bukalapak, Traveloka, and Elevenia are among this category. In more niche markets, we can see players such as HappyFresh, Ralali, Bilna and others. Other verticals that get attention from VCs are media, classifieds, search, and discovery sites.
Here is the complete list of Indonesian startups that raised and announced follow-up funding, sorted by verticals and latest funding date.
Ecommerce
1. HappyFresh (Tech in Asia profile)
HappyFresh is a grocery shopping app that enables customers to order groceries directly from offline supermarkets. The startup partners with some major supermarket brands in Indonesia and Malaysia in order to provide its shopping items.
Founding year: 2014
Latest funding date: September 2015
Latest funding stage: Series A
Total disclosed funding: US$12 million
Investors: 500 Startups, Vertex Venture Holdings, Asia Venture Group, Ardent Capital, Sinar Mas Digital Ventures (SMDV), Beenext, Cherry Ventures
2. BerryKitchen (Tech in Asia profile)
Food commerce site BerryKitchen provides a lunch catering plan that can be personalized for corporate clients or individuals. The site also offers ready-to-eat bento box meals that can be ordered and delivered at anytime.
Founding year: 2012
Latest funding date: July 2015
Latest funding stage: Series A
Total disclosed funding: US$1.2 million
Investors: East Ventures, ANGIN, Sovereign’s Capital
3. Ralali (Tech in Asia profile)
Ralali is one of the few startups that jumped into the industrial commerce space. It is an ecommerce site that sells industrial supplies and MRO (maintenance, repair, and operational) equipment.
Founding year: 2013
Latest funding date: June 2015
Latest funding stage: Series A
Total disclosed funding: US$2.5 million
Investors: East Ventures, CyberAgent Ventures, Beenos
4. Bobobobo (Tech in Asia profile)
Bobobobo is a luxury eshopping and travel site which offers unique, experiences travel packages such as spa programs and multi-day city jaunts, as well as some premium items for high-end buyers.
Founding year: 2012
Latest funding date: April 2015
Latest funding stage: Series A
Total disclosed funding: undisclosed
Investors: Emtek Group, Ismaya Group
5. Paraplou (Tech in Asia profile)
Formerly known as Vela Asia, Paraplou is an ecommerce enabler platform. It provides website-building, logistics, digital marketing, and other services. Despite receiving funding in February this year, the company just announced that it will shut down on its ecommerce site recently.
Founding year: 2012
Latest funding date: February 2015
Latest funding stage: Series A
Total disclosed funding: US$1.5 million
Investors: Majuven
6. Otten Coffee (Tech in Asia profile)
Otten Coffee is a one-stop shop for coffee lovers. The startup scaled from an offline business to nationwide online store that provides all coffee related products.
Founding year: 2014
Latest funding date: April 2015
Latest funding stage: Series A
Total disclosed funding: undisclosed
Investors: East Ventures
7. Elevenia (Tech in Asia profile)
Elevenia is a marketplace for buyers and sellers. The company is backed by Indonesia’s telco XL Axiata and South Korean online and mobile service firm SK Planet, a subsidiary of SK Telecom.
Founding year: 2014
Latest funding date: March 2015
Latest funding stage: Series A
Total disclosed funding: US$60 million
Investors: SK Planet, XL Axiata
8. Bukalapak (Tech in Asia profile)
Bukalapak is a consumer-to-consumer (C2C) ecommerce marketplace. The startup is one of the biggest marketplace firms in Indonesia with consistent funding and considerable growth.
Founding year: 2011
Latest funding date: February 2015
Latest funding stage: Series B
Total disclosed funding: undisclosed
Investors: Batavia Incubator, GREE Ventures, 500 Startups, Aucfan, IREP, Emtek Group
9. VIP Plaza (Tech in Asia profile)
The Singapore-headquartered Indonesian site is a luxury shopping destination which offers high-quality branded fashion products at significant discounts to consumers through daily flash sales.
Founding year: 2013
Latest funding date: January 2015
Latest funding stage: Series A
Total disclosed funding: undisclosed
Investors: CyberAgent Ventures, YJ Capital
10. Tokopedia (Tech in Asia profile)
Tokopedia is an online marketplace enabling individuals and business owners in Indonesia to open and maintain their online stores for free. The startup announced the biggest ever disclosed funding round in Indonesia last year.
Founding year: 2009
Latest funding date: October 2014
Latest funding stage: Series E
Total disclosed funding: US$100 million
Investors: PT Indonusa Dwitama, East Ventures, CyberAgent Ventures, SBI Investment, netprice.com, Sequoia Capital, SoftBank Capital, Beenos
11. Shopdeca (Tech in Asia profile)
Shopdeca is a curated lifestyle online store featuring products from local and international designers. It also runs Sportdeca, an ecommerce site that specializes in selling sports equipment.
Founding year: 2013
Latest funding date: April 2014
Latest funding stage: Series A
Total disclosed funding: undisclosed
Investors: East Ventures, Polaris Digimedia
12. Bilna (Tech in Asia profile)
Bilna is an ecommerce platform for family needs. The Jakarta-based startup sells products for babies, infants, as well as mothers, such as food and milk formula, clothing, toys, accessories, and maternity skincare products.
Founding year: 2012
Latest funding date: January 2014
Latest funding stage: Series A
Total disclosed funding: undisclosed
Investors: East Ventures, CyberAgent Ventures, Golden Gate Ventures, TMS Entertainment, DG Incubation (DGI)
13. Berrybenka (Tech in Asia profile)
Berrybenka is an ecommerce site that sells fashion and beauty products. The startup also launched a similar online store exclusive to Muslim fashion, Hijabenka.
Founding year: 2011
Latest funding date: November 2013
Latest funding stage: Series B
Total disclosed funding: US$5 million
Investors: East Ventures, GREE Ventures, and Transcosmos
14. Traveloka (Tech in Asia profile)
Traveloka is arguably the biggest online portal for travel bookings in Indonesia. Users can book hotel and flight tickets from various major airlines for both local and international routes.
Founding year: 2012
Latest funding date: August 2013
Latest funding stage: Series A
Total disclosed funding: undisclosed
Investors: East Ventures, Global Founders Capital
Media
15. IDBlogNetwork (Tech in Asia profile)
IdblogNetwork is a marketing platform that accommodates the need for advertizers to do personal marketing and communication activities. It gathers bloggers from all over the country and connects them with brands for advertizing opportunities.
Founding year: 2010
Latest funding date: April 2015
Latest funding stage: Series A
Total disclosed funding: undisclosed
Investors: East Ventures
16. MBDC Media (Tech in Asia profile)
MBDC Media is the company behind MalesBanget, one of Indonesia’s popular viral humor sites featuring articles and videos that are localized for an Indonesian audience. Other products include JalanJalanMen, a travel video web series and KamusSlang, an online Indonesian slang dictionary.
Founding year: 2010
Latest funding date: January 2015
Latest funding stage: Series A
Total disclosed funding: undisclosed
Investors: Nusantara Capital Incubator, 500 Startups, Rebright Partners, Convergence Ventures
17. Female Daily Network (Tech in Asia profile)
Female Daily is an online beauty portal which combines content, community, and commerce in one single platform. The users use the site to find and share all things related to female routines and activities.
Founding year: 2007
Latest funding date: November 2014
Latest funding stage: Series A
Total disclosed funding: US$1 million
Investors: Ideosource, Sinar Mas Digital Ventures (SMDV), Convergence Ventures
18. Kurio (Tech in Asia profile)
Kurio is a news reader app that enables users to discover, explore, and consume multiple information streams. The app provides personalized news based on users’ preferences, and also recognizes and delivers topics related to their careers.
Founding year: 2013
Latest funding date: September 2014
Latest funding stage: Series A
Total disclosed funding: undisclosed
Investors: CyberAgent Ventures
19. Apps Foundry (Tech in Asia profile)
Apps Foundry is the company behind Scoop, a mobile app which curates Indonesian local news from various popular sources. Users can subscribe for Scoop’s services and enjoy all-you-can-read digital content including ebooks and digital versions of magazines and newspaper.
Founding year: 2010
Latest funding date: April 2013
Latest funding stage: Series B
Total disclosed funding: US$2.4 million
Investors: Gobi Partners, Mitsui Global, Kompas Gramedia, East Ventures
Classifieds
20. MobilWow (Tech in Asia profile)
Car classifieds site MobilWow provides car-related news and tips for the car lover community in Indonesia. The site is currently focusing on listing new cars for sale.
Founding year: 2012
Latest funding date: October 2015
Latest funding stage: Series A
Total disclosed funding: undisclosed
Investors: undisclosed
21. IndoTrading (Tech in Asia profile)
Based in Jakarta, IndoTrading operates a directory for small businesses in Indonesia. The company helps small businesses have an online presence and promote their products on its site. The site also helps merchants set up their own websites or ecommerce portals with customized domain names.
Founding year: 2012
Latest funding date: March 2015
Latest funding stage: Series A
Total disclosed funding: US$1.5 million
Investors: Rebright Partners, GMO Venture Partners, Golden Gate Ventures, Aucfan, OPT SEA, Convergence Ventures
22. Bridestory (Tech in Asia profile)
Bridestory is an online wedding directory and marketplace that helps connect wedding professionals and vendors with engaged couples around the world.
Founding year: 2013
Latest funding date: March 2015
Latest funding stage: Series A
Total disclosed funding: undisclosed
Investors: East Ventures, Sovereign’s Capital, Fenox Venture Capital, Beenos, Rocket Internet, Skystar Capital, Lippo Digital Ventures
23. UrbanIndo (Tech in Asia profile)
Indonesian property portal UrbanIndo connects property agents and sellers with buyers. It enables the customers to find properties to buy or rent, including houses, apartments, land, villas, and shop houses.
Founding year: 2011
Latest funding date: June 2013
Latest funding stage: Series A
Total disclosed funding: undisclosed
Investors: East Ventures, GREE Ventures, IMJ Investment Partners
Search and discovery
24. Qraved (Tech in Asia profile)
Qraved first started as an online restaurant reservation service. Now it provides a range of services for foodies including restaurant information, reviews, recommended dishes with photos, promotions, and an instant booking service.
Founding year: 2013
Latest funding date: October 2015
Latest funding stage: Series B
Total disclosed funding: US$9.3 million
Investors: Gobi Partners, 500 Startups, Toivo Annus, M&Y Growth Partners, Convergence Ventures, Richmond Global Ventures, GWC
25. Telunjuk (Tech in Asia profile)
The online aggregator site Telunjuk enables customers to compare prices from various ecommerce sites which include Lazada, Zalora, Tokopedia, Bukalapak, and many more.
Founding year: 2012
Latest funding date: September 2015
Latest funding stage: Series A
Total disclosed funding: undisclosed
Investors: Venture Republic Global, Lippo Digital Ventures
Others
26. Adskom (Tech in Asia profile)
Adskom is an advertizing technology company which provides programmatic advertizing platforms and business services.
Founding year: 2013
Latest funding date: July 2015
Latest funding stage: Series A
Total disclosed funding: US$850,000
Investors: Rebright Partners, East Ventures, Digital Garage, Skystar Capital, Beenos, Geniee, Convergence Ventures
28. Touchten Games (Tech in Asia profile)
Touchten is one of Indonesia’s most successful mobile game developers. One of the company’s milestones was to partner with 9gag, a user-generated online platform for humor content, to create its first mobile game namely Redhead Redemption.
Founding year: 2009
Latest funding date: July 2015
Latest funding stage: Series C
Total disclosed funding: undisclosed
Investors: Ideosource, CyberAgent Ventures, UOB Venture Management, TMS Entertainment, GREE Ventures, 500 Startups
29. Kudo (Tech in Asia profile)
Kudo is an ecommerce startup targeting rural Indonesia. It turns small shop owners into ecommerce agents by equipping them with tablets through which they can order a broad range of products for their customers.
Founding year: 2014
Latest funding date: May 2015
Latest funding stage: Series A
Total disclosed funding: undisclosed
Investors: East Ventures, GREE Ventures, 500 Startups, IMJ Investment Partners, Emtek Group
30. Qerja (Tech in Asia profile)
Qerja.com is the first online community portal in Indonesia that provides information about salary and the work environment in various companies in Indonesia.
Founding year: 2014
Latest funding date: March 2015
Latest funding stage: Series A
Total disclosed funding: undisclosed
Investors: SB ISAT, Mountain Kejora Ventures
31. Dealoka (Tech in Asia profile)
Mobile app Dealoka distributes evouchers based on users interest and location. Users can download the vouchers and present them at partner merchants’ shops to claim their discounts.
Founding year: 2014
Latest funding date: January 2015
Latest funding stage: Series A
Total disclosed funding: undisclosed
Investors: Indosat, Mountain Kejora Ventures, SB ISAT
32. Gift Card Indonesia (Tech in Asia profile)
The startup develops digital and physical gift cards which can aggregate gift cards from various brands.
Founding year: 2011
Latest funding date: January 2015
Latest funding stage: Series A
Total disclosed funding: US$2 million
Investors: Sovereign’s Capital, Lippo Digital Ventures, Sinar Mas Digital Ventures (SMDV), RMK Ventures
33. Go-Jek (Tech in Asia profile)
Starting as a transportation, courier, and shopping service provider, Go-Jek has expanded into the lifestyle industry. On top of its initial products, the company now offers home cleaning, groceries shopping, beauty, and massage services.
Founding year: 2011
Latest funding date: –
Latest funding stage: undisclosed
Total disclosed funding: undisclosed
Investors: NSI Ventures, Sequoia Capital
34. Sribu (Tech in Asia profile)
Sribu.com is an online marketplace where small business owners, entrepreneurs or big corporates can have their logo design, web design and other designs done in 7 days.
Founding year: 2011
Latest funding date: February 2014
Latest funding stage: Series A
Total disclosed funding: undisclosed
Investors: East Ventures, Infoteria Corporation
Original article here by Tech In Asia
Attributed to: Tinnike Lie
MalesBanget, Female Daily Network, IndoTrading, Qraved and Adskom are portfolio companies of Convergence Ventures