Indonesia: Berrybenka secures funding in round led by Maj Invest

Photo from Berrybenka Facebook page.

Indonesian fashion e-commerce platform Berrybenka announced on Thursday that the company has secured an “eight-digit” US dollar fresh investment from institutional investors Maj Invest Private Equity, Asia Summit Capital, and Softbank-Indosat Fund. Several undisclosed local investors also participated in the round.

The firm had raised $5 million in a Series B round of funding in 2013.

In a media briefing event, Berrybenka CEO Jason Lamuda explained that proceeds from this latest investment would fund marketing and user acquisition, talent acquisition and retention as well as inventory cycle maintenance.

Berrybenka will also give a push to grow its online-to-offline (O2O) capabilities, launching 10 to 15 pop-up stores in Indonesia cities such as Pontianak, Balikpapan and Ambon, as well as establishing six to 10 permanent stores.

According to Lamuda, the stores will play a crucial role in driving sales claiming that a single pop-up store hosted in a shopping mall for three to six months can drive overall city sales growth by a multiple of two to four and online sales by 1.5 to two times.

Berrybenka also plans to launch a “personal shopper” feature, which will permit its loyal customers access fashion advice via messenger apps (e.g.  WhatsApp) in addition to receiving priority after-sales service and access to pre-launch promotions. This is likely to aid customer retention and drive sales in the long term.

Berrybenka is also planning to launch new fashion lines such as Berrybenka Curve and Berrybenka Premium. According to the enterprise, the company’s private label collections contributed at least 40 per cent to the overall sales and also reported in excess of 100 per cent year-on-year increase in revenue and gross profit in 2016.

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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.