Intudo, BRI Ventures pour $2.5m into Indonesian NFT enabler

SerMorpheus, an Indonesia-based blockchain startup, has raised US$2.5 million in a seed funding round led by Intudo Ventures and joined by 500 Global and BRI Ventures.

SerMorpheus team / Photo credit: SerMorpheus

Founded in January, SerMorpheus helps companies and brands create NFTs for their customers and fanbases. The company also enables end-customers to purchase NFTs using Indonesian rupiah.

In addition, the startup is developing a drag-and-drop NFT builder that allows users to mint and release tokens quickly.

The company focuses on providing NFT-enabled benefits in real life, especially for event ticketing. It has partnered with Indonesia Comic Con, local football club Persita Tangerang, the Jogjarockarta music festival, Indonesian singer Prilly Latuconsina, and the movie Mencuri Raden Saleh.

Due to its focus on offline experiences, all of SerMorpheus’ partners are based in the archipelago. However, the founders said that use cases could be expanded to global customers in the future.

The startup was established by serial entrepreneurs Kenneth Tali and Budi Sukmana, who both founded an equity crowdfunding firm called Likuid in 2018. However, Tali said that they are fully focused on the new firm right now.

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SerMorpheus plans to use the fresh funding for product development and hiring purposes. It currently has around 30 employees across its business development, marketing, community, and tech divisions.

Other investors in this funding round include:

• FEBE Ventures
• AlphaLab Capital
• Caballeros Capital