Indonesian social commerce enabler Desty said to have closed pre-Series A round

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Indonesian social commerce enabling platform Desty is said to have closed its pre-Series A round, raising over $3 million, led by Chinese venture capital firm 5Y Capital, DealStreetAsia has learnt.

Fosun RZ Capital, East Ventures, January Capital and InCapital have also participated in the round, according to two people aware of the development. While Fosun RZ confirmed its participation in the round, other investors have declined to comment on the development.

The deal would mark the first investment for 5Y Capital in Indonesia. Smartphone brand Xiaomi-backer 5Y Capital, formerly known as Morningside Venture Capital, has closed an unspecified number of USD- and RMB-denominated funds at over 13 billion yuan ($2 billion) in total. 5Y Capital was started in 2008 by Richard Liu, Ken Shi, and Gerald Chan under the auspices of Hong Kong property mogul Ronnie Chan’s Morningside Group.

Desty provides tools for online sellers, influencers, and creators to enhance their online businesses. Desty claims to allow users to create landing pages and build their own branded online store in just minutes.

Some of its clients include online brands such as Alowalo, Babycare, Notbad, content creators such as Mindblowon Studio or Tahilalat, as well as influencers from food, travel, lifestyle, and fashion industries.

Desty was formally set up in October 2020 by ex-Alibaba executive Bill Wang and Eric Natanael, who has experience in the TMT industry locally and globally. Last month, Desty roped in Xiu Mulyono, an ex-Alibaba executive, as co-founder and CEO.

In December last year, Desty had announced raising an undisclosed amount in seed funding from East Ventures. At the time of the seed round, Desty co-founder Bill Wang had said in a statement, “Doing business in times of pandemic is challenging, but we believe that the acceleration of digitalisation brings an opportunity to grow. Having an online presence is not an option anymore, now it is the only way.”

The startup is looking to deploy the pre-Series A round proceeds for team expansion and merchant acquisition. The Indonesia-focused startup is also looking to close a bigger Series A round soon, the people mentioned above said.

The social commerce space in SE Asia has seen deal traction in recent months. In March, Indonesian social commerce platform KitaBeli secured $10 million in Series A  funding, led by Go-Ventures, with participation from existing investors, AC Ventures and East Ventures.

RateS landed an undisclosed amount fund in Series A round, led by Vertex Ventures SEA and Genesis Alternative Ventures, while Singapore-based social commerce startup Raena raised $9 million in a Series A funding round, co-led by Alpha Wave Incubation and Alpha JWC Ventures in February.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.