Indonesia’s Moka secures US$2 mil funding, led by Mandiri
By Masyitha Baziad February 14, 2017
- Moka’s main target market is the 60 million SME players in the country
- MokaPos is now in 2,500 stores and each outlet pays Rp250,000 per month
AFTER announcing their US$1.9 million Series A round in June last year, Moka has raised another US$2 million, this time led by Mandiri Capital and followed by existing investors Convergence, East Ventures, Fenox, and Northstar.
According to Moka CEO and co-founder Haryanto Tanjo, this US$2 million is not a Series B, but an extension of the Series A round. Mandiri Capital, a subsidiary of the largest bank in the country by assets, Bank Mandiri, took the lead this time.
With the support of Mandiri Capital, Haryanto said that Moka will have access to many of Bank Mandiri's SME customers. Moka’s main target market is the 60 million SME players in the country, although they declined to disclose how many SMEs they are targeting this year. Most of their customers are in the F&B, retail, and services sectors.
The Jakarta-based startup provides an Android/iOS application used by cashiers in the store, and a web back-office that allows business owners to access data such as sales reports, inventory, and customer feedback in real-time.
It was launched in early 2015 and 2,500 stores are now using Moka’s system. MokaPos charges Rp250,000 (US$18.80) per month per outlet. It currently has sales offices in Bandung, Bali, Surabaya, and Yogyakarta as well as Jakarta.
"Bank Mandiri has plenty of SME customers, and we have a mission to support them to grow. One of the difficulties that we see in SMEs is tracking sales and many business owners are still doing it manually. We think that Moka is the right partner and the best startup available to provide such services to SMEs," said Mandiri Capital CEO Eddi Danusaputro.
Haryanto sees this round as a strategic investment. "We believe that Bank Mandiri's vast network of merchants will benefit from our POS and payment solution. We look forward to working with Mandiri Capital to empower local businesses in Indonesia."
Moka has seen rapid growth in 2016 and plans to grow even more aggressively this year.
The company plans to use the new funds to ramp up product development by attracting the best talent and growing its sales team in existing and new cities. No details were provided on the new cities being targeted.
"We welcome Mandiri Capital to this round and look forward to working alongside them. Mandiri Capital's vote of confidence shows that Mokapos has been on the right path to be the leading tool for Indonesian SMEs and this round will strengthen their positioning in the market," says Willson Cuaca (pic, above), managing partner of East Ventures.
Moka plans to use the funds to speed up product development. "We differentiate ourselves by building the most user-friendly and complete product suite for businesses. We plan to use the funds to attract the best talent", says Moka CTO and co-founder Grady Laksmono.
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