AC Ventures leads $4m round of Indonesian SaaS firm (updated)

Update (Oct. 25, 12:15 p.m.): This is the latest version of the article that was previously published on July 21, 2021.

Indonesian business software-as-a-service provider Majoo raised US$4 million in a pre-series A funding led by AC Ventures. BRI Ventures – corporate venture arm of state-owned Bank Rakyat Indonesia – and fintech unicorn Xendit also participated in the round.

Majoo’s chief executive Adi Rahadi (left), vice president of engineering Bayu Indriarko (middle), and chief operating officer Audia Harahap (right) / Photo credit: Majoo

Founded in 2019, the firm offers several business solutions on one app, with 20,000 merchants using its platform as of May this year. Its integrated business application offerings include point-of-sale devices and supply management software, among others. The platform has processed more than 80 million transactions worth US$600 million.

With the investment, Majoo will push mainly for market acquisition and product development.

“We are hiring for multiple positions to support our business, mainly for growth in the product and engineering teams,” Adi Rahadi, CEO of Majoo had told Tech in Asia, noting that the company is also eying an expansion outside of Indonesia.

Majoo, which targets owners of small and medium-sized enterprises like restaurants, retail stores, and laundromats, currently has 300 employees with dedicated sales support available in 60 major cities.

In May, the firm signed an agreement with agriculture-focused digibank BRI Agro to expand banking services and provide loan facilities through its platforms. The tie-up would also include the two firms implementing an open application programming interface through Majoo’s platform to make payments easier for BRI Agro’s customers.