Evoucher secures pre-Series A funding from VITI

Visual from company website

Evoucher, an Indonesian daily deals provider, has secured an undisclosed amount of pre-Series A funding round from Value in Technology Indonesia (VITI). Having bootstrapped for the past five years, the funding represents its first external investment.

VITI, is a gaming firm based in South Korea with more than 15 years of experiences in the Asia Pacific (APAC) game industry.

The funds will be used for business development, as well as for the creation of infrastructure to enable the execution of business strategy. This is in addition to customer acquisition.

Evoucher claimed that since its launch it has distributed vouchers for over 960,000 products. This distribution was via its website and mobile app.

The investment may be suggestive of larger trends,with South Koreans being among the most numerous expatriate workers in Indonesia. According to Erni C Westi, a language teacher at the University of Indonesia’s language centre “When Koreans come, they usually move here with their whole family. If the husband has business here, his wife comes and his kids come, too. And all of them study Indonesian.”

This reflects the increasing footprint of South Korean firms in Indonesia, as well as greater tendency for South Koreans to migrate to business destinations in the long run.

The Technology, Media & Telecommunications (TMT) market presents compelling investment opportunities within Indonesia.

South Korean foreign direct investment (FDI) in Indonesia has risen from  $330 million in 2010 to $2.2 billion in 2013, representing an increased in excess of 660 percent in a three years window. This indicates the strong confidence that South Korean businesses have in the Indonesian market.

Currently, more than 68,000 foreigners work in Indonesia, with its $900 billion economy being among fastest-growing economies in the world. South Koreans account for 8,000, or 11 per cent, of the expatriates in Indonesia, with mainland Chinese making up the majority at 16,000 nationals and Japanese worker ranked second, numbering nearly 11,000.

Incidentally, the administration of President Joko Widodo has targeted these countries as prospective investors in the Indonesian infrastructure market. Many of the latest entrants are seeking to leverage on the growth of the emerging Indonesian middle class and there increased consumption and demands.

In certain ways, the economic rise of Indonesia seems to mirror the economic development of South Korea itself. With the increased FDI, we may see the beginnings of increased capital flows from one of Northeast Asia’s most developed economies into Indonesia, capitalising on its favourable demographics and strong growth prospects.

Related Stories:

Indonesian e-classifieds marketplace Jualo raises seed funding

Dressabelle in early talks for Series B funding, to expand to Indonesia, Philippines & Vietnam: Jeremy Khoo

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.