Indonesian social commerce startup Evermos bags $19.5m in Series B funding

Photo by Muhammad Ruqi Yaddin on Unsplash

Evermos, an Indonesian social commerce company focused on Sharia-compliant products, has secured $19.5 million so far in a Series B funding round, show regulatory filings.

The financing was led by Singapore-headquartered UOB Venture Management, a new backer, through its Asia Impact Investment Fund II. Existing investors Jungle Ventures and Shunwei Capital also participated in the round.

Evermos, which is short for Everyday Need for Every Moslem, is the first Muslim social commerce startup in Indonesia. It connects resellers, brands and consumers to enable the sale of halal offerings via WhatsApp and other social media networks across verticals, including fashion, halal food and cosmetics, and travel.  

Evermos was founded by Iqbal Muslimin and Arip Tirta, the former co-founder and CEO of proptech startup Urbanindo, which was acquired by Singapore-based 99.co in 2018.

As part of the latest funding, Evermos allotted new preference shares at $2746 each to funds managed by UOB Venture Management, Jungle Ventures and Shunwei Capital, according to the startup’s filings with Singapore’s Accounting and Corporate Regulatory Authority (ACRA).

It is understood that Evermos continues to raise capital for its Series B round. “The company targets to close the round in the next one to two weeks,” said an industry source, who wished to remain anonymous.     

The startup has been seeking to tap into areas beyond halal consumer goods such as social goods, ZISWAF (alms and charity) and Sharia fintech. It is also focusing on building and expanding its reseller network. Currently, it has resellers in 500 districts across Indonesia. 

Evermos had last raised Series A funding of $8.25 million from Jungle Ventures, Shunwei Capital, and Alpha JWC Ventures in 2019.

Indonesia is home to the world’s largest Muslim population. According to an estimate, there were 64.5 million middle-class Muslims in the archipelago in 2020. The country’s total spending on halal food and beverage products reached $214 billion to account for a 10% share of the global market in 2018. 

The Hijrah movement, which these days refers to Muslims making lifestyle changes to lead a more religious life, has also gained momentum in the Southeast Asian country, driving demand for halal or Sharia-compliant products and services. 

Besides Evermos, other startups seeking to tap the Sharia economy are community and lifestyle app Umma, Sharia fintech startup ALAMI, and fashion e-store HIJUP.

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.