Jofie Yordan · · 1 min readBukalapak, 500 Southeast Asia partner for early-stage investments
Bukalapak’s office / Photo credit: Bukalapak
Ecommerce player Bukalapak has inked a partnership with VC firm 500 Southeast Asia, according to a disclosure obtained from the Indonesia Stock Exchange.
On April 29, the companies signed a “subscription agreement for a limited partnership interest” in 500 Southeast Asia III LP, the VC firm’s fund. Bukalapak is investing US$7.5 million to join the fund as a limited partner.
In the disclosure, Bukalapak president Teddy Oetomo said the partnership aims to back pre-seed, seed, and early-stage startups in Southeast Asia. The investment will focus on “information technology, communications, internet, medical tech, and deeptech,” he added.
Bukalapak has announced its financials for the first quarter of 2023. It recorded a net loss of US$68 million in Q1 2023, down from a net profit of US$993 million in the same period last year.
In April, the company acquired Malaysia-based price comparison platform iPrice Group to focus on niche marketplaces and grow faster.
Editing by Miguel Cordon and Eileen C. Ang
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