East Ventures’ portfolio companies listed amongst Tech in Asia’s 50 rising startups in Indonesia
Which rising startups in Indonesia are on the path to becoming the next big thing? One way to tell would be to check when they’ve raised a new round. Tech in Asia has generated a list of rising startups in Indonesia that have recently raised funding.
Extending our warm congratulations to the 14 EV Family members who made it into Tech in Asia’s 50 rising startups in Indonesia list!
UENA is a hyperlocal food & beverage company aiming to solve daily food problems in Indonesia. The firm has recently raised new funds co-led by East Ventures and Trihill Capital, following the seed funding raised in September 2022. To date, UENA has opened 7 kitchen locations in Jakarta and has served more than 300,000 portions.
Praktis, or previously known as PTS.sc, an end-to-end supply chain enabler, raised US$20 million of series A round led by East Ventures (Growth fund) with participation from Triputra Group and SMDV, earlier this month. The firm experienced significant growth, 12x year-on-year growth from 2020 to 2021 and 4x year-on-year from 2021 to 2022.
Jojonomic is a cloud-based fintech platform with an application for expense reimbursement and personal finance. East Ventures first invested in the firm in 2015 and doubled down 4 years later in 2019.
Legit Group, a Jakarta-based multi-brand cloud kitchen conceptor and operator, secured a total of U$13.7 million of series A round, participated by East Ventures in April 2023. The firm plans to expand in 2023 by targeting Jabodetabek and other cities with large delivery markets.
FIT HUB is an online and offline platform for people to get healthy and fit at an affordable price. As one of the newest additions to East Ventures’ portfolio, the firm recently secured US$6.5M in a new financing round. FIT HUB aims to open 100 fitness clubs across Indonesia by the end of the year.
Fresh Factory is an Indonesian cold chain fulfillment & enabler. Earlier this year, the firm raised US$4.15 million in pre-Series A funding, participated by East Ventures. Fresh Factory is looking to scale to over 100 fulfillment centers across 50 Indonesian cities by the end of 2023.
Social Bread, an Indonesian SME-focused digital marketing marketplace to support business owners, was officially launched in March 2023, and its US$400,000 Seed funding was completed. Since 2020, Social Bread has supported more than 500 SMEs from the Greater Jakarta Area, Surabaya, and other cities in Indonesia.
Etana is an Indonesian biopharmaceutical company that focuses on the Southeast Asian market. The firm secured a new round of investment which was participated by East Ventures in March this year. Etana has strengthened the nation’s healthcare resilience by producing vaccines, cancer medications, and biopharmaceutical medicines.
Bababos, Indonesia-based raw material procurement platform for small and medium enterprises (SME) manufacturers, raised pre-Seed funding led by East Ventures earlier this year. Bababos has experienced remarkable growth since its launch, recording an average monthly revenue growth that exceeds 100%.
Desty is an e-commerce enabler platform based in Indonesia. Earlier this year, the firm secured US$4.3 million after raising its extended pre-series A round in 2021 led by East Ventures. Since its initiation in 2020, Desty has bred four solutions in its platform: Desty Page, Desty Store, Desty Omni, and Desty Menu.
Komunal is the first fintech company to digitize BPR to accelerate financial inclusion in Indonesia’s tier 2 and 3 cities. The firm started the year by securing US$8.5 million of funding led by East Ventures (Growth fund). Komunal also recorded a 3.5x YoY growth in MSME deposits and loan transactions, reaching IDR 1.75 trillion (US$118.6 million) in the first quarter of 2023.
Mindtera, an Employee Assistance Program (EAP) platform in Indonesia, closed their combined Seed and Seed extension round at US$850,000 funding led by East Ventures in January this year. Mindtera was also recognized by Google Play as Best Application for Positive Impact 2022 and Best Local Application 2022.
Imajin is a manufacturing startup based in Tangerang, Indonesia. Earlier this year, the firm announced that it has secured Seed funding led by East Ventures as it joined East Ventures’ range of portfolio. To date, Imajin has worked with more than 500 manufacturing companies, ranging from mold makers, dye makers, injection, and others.
Hijra (ALAMI Sharia)
Hijra, recently rebranded from ALAMI Sharia, is a startup that offers Sharia-compliant peer-to-peer lending for SMEs. In December last year, the firm successfully raised new funding after closing its pre-Series B round of funding led by East Ventures (Growth Fund). Hijra has more than 111,000 peer-to-peer investors involved in almost 10,000 projects across the nation.
Read the full list by Tech in Asia here.