MDI, Beenext join seed round of Indonesian construction startup

GoCement, an Indonesia-based marketplace for construction materials, has raised an undisclosed amount of seed funding from MDI Ventures, Beenext, and Ideosource. Arise, a joint venture capital fund co-led by MDI Ventures and Finch Capital, also participated in the round.

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Founded by Djonny Suwanto and Asanga Abhayawardhana in 2020, GoCement connects contractors and individual consumers to manufacturers, distributors, and retail shop owners of construction materials. The company also facilitates building equipment rentals, including those for concrete mixers and stamper machines.

In a statement, the company said that its business is similar to India-based unicorn Infra Market.

“Construction is a massive industry, a complex ecosystem of project owners, developers, architects, contractors, subcontractors, down to mason. I may call this industry the last dinosaur which is ripe for technology disruption,” Suwanto said.

The company plans to use the fresh funds to onboard large distributors, including Arise’s network of construction companies within Indonesia state-owned enterprises.