Digital ads firm raises $3.1m from Foxconn unit to fuel Indonesian expansion

Ennoconn chair and CEO Steve Chu (left) and president Nelson Tsay / Photo credit: Ennoconn

FunP Innovation Group, a Taiwan-based digital advertising firm, has received a US$3.1 million investment from Ennoconn Corporation, a local cloud management services firm acquired by Foxconn.

The funds will be used to develop smart retail and cloud services solutions for Indonesia and other Asia-Pacific countries through FunP’s business unit CacaFly. This comes as Indonesia focuses on digitally transforming its economy through investments in areas such as cloud computing and 5G, as President Joko Widodo reaffirmed during the 2022 G20 Summit.

CacaFly was established in 2009 and focuses on social networking. It has partnered with Facebook and Microsoft to become their authorized advertisement reseller in Taiwan.

In Indonesia, CacaFly is working with local electronics distributor MetroData. The two firms launched a digital marketing joint venture in the archipelago in June 2022.

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Meanwhile, Ennoconn plans to use CacaFly’s expertise in digital marketing and cloud computing to enhance its offerings in areas such as gaming, video conferencing, smart cities, smart buildings, and retail. Ennoconn has also announced plans to focus on AIoT tech deployments.