Surabaya-based P2P lender Komunal has raised an undisclosed seed funding from East Ventures while BookMyShow SEA has raised an undisclosed investment from Singapore’s VC firm Jungle Ventures.
Komunal bags seed funding from East Ventures, Skystar Capital
Komunal, a Surabaya-based an online peer-to-peer (P2P) lender, announced on Tuesday that it has secured an undisclosed amount of seed funding led by East Ventures with participation from Skystar Capital, the company said in a statement.
The investment will enhance Komunal’s mission to bridge the funding gap for the underbanked micro small medium enterprises in Indonesia.
In its eight months of operations, Komunal has channeled around Rp50 billion loans to MSMEs, mostly in the East Java area. Komunal aims to expand its network outside of East Java to other provinces.
Komunal was co-founded by Hendry Lieviant, Rico Tedyono, and Kendrick Winoto, who have a diverse background in credit risk, investment banking, operations, and technology.
As of June this year, OJK (Indonesian Financial Service Authority) recorded that the P2P fintech transaction has reached Rp45 trillion on a cumulative basis, up 97.7 per cent from December 2018.
BookMyShow SEA raises investment from Jungle Ventures
India’s Bigtree Entertainment Singapore Pte. Ltd., which owns and operates BookMyShow SEA, has raised an undisclosed investment from Singapore-based Jungle Ventures for its Southeast Asia business.
According to a statement, this is the first external fundraising for the firm’s Southeast Asian business. Launched in 2007, BookMyShow SEA works with partners to execute live event performances across music, sport, and comedy as also movie distribution across the region.
The company claims that it has evolved from a purely online ticketing platform for movies across 6,000 screens to end-to-end management of live entertainment events over the years.
It entered Indonesia in mid-2016 expanding operations to other countries in the region including Singapore and Malaysia this year.
Jungle Ventures in October closed its third Southeast Asian fund at $240 million. Its limited partners include Temasek, International Finance Corporation, Cisco Investments, German financier DEG, Singaporean billionaire, and Wilmar International CEO Kuok Khoon Hong, Dutch development bank FMO, and Bualuang Ventures, the corporate venture capital arm of Bangkok Bank.