Member.id, an Indonesian loyalty service provider and technology company, has announced raising an undisclosed amount in a pre-Series A funding round led by early-stage investor East Ventures. The round was joined by Taiwan-based VC firm Ace Capital and a few undisclosed angel investors.
In an official release, the startup said it will use the funding to accelerate new product development.
Member.id provides long-term loyalty solutions to businesses and currently serves customers across different verticals including transportation, hotels, lifestyle, F&B, e-commerce, retail and FMCG.
In the hospitality space, its clients include Ismaya Group, The Union Group (Union, Benedict, Café Milano), Syah Establishment (Lucy in the Sky, Sofia at the Gunawarman, Hotel Monopoli) and Artotel Group.
The company said its newly developed product will aim to enhance the consumer experience and enable more businesses to tap into the loyalty landscape.
“We are currently building a consumer facing product which can be used not only for point management but also point conversion across rewards programs. The second product underway is a loyalty product which specifically caters to SME clients,” said Member.id CEO and co-founder Marianne Rumantir.
The new funding round comes a year after Member.id raised an undisclosed seed round, which was also led by East Ventures and joined by hospitality firm Ismaya Group.
Member.id operates in a space where there are still very few players in Indonesia. Earlier in the year, a similar startup focusing on loyalty programs, TADA, raised an undisclosed amount of funding in a Series B round led by Finch Capital.
Commenting on the investment in Member.id, East Ventures managing partner Willson Cuaca said, “In Indonesia, there are very few companies that effectively invest in the knowledge of their customer preferences and behaviors, leaving customer loyalty as a myth in the country.”
East Ventures is one of Indonesia’s most active early-stage investors. Last week, it joined a $5-million pre-Series A funding for Singapore-based fintech startup Helicap. The VC firm was also reported to have injected seed capital in Indonesian solar development and asset management company Xurya.