Early-stage venture capital firm East Ventures has met its 10 billion rupiah ($609,000) fundraising target to procure 100,000 COVID-19 test kits, while Sequoia Capital India has led a seed funding round in Jakarta-based digital ledger platform BukuKas.
East Ventures meets fundraising target for coronavirus test kits
Southeast Asia venture capital firm East Ventures has closed its Rp 10 billion fundraising targets in an effort to produce 100,000 coronavirus test kits while also finance a vaccine research project in Indonesia.
More than 2,000 individuals and corporations from Indonesia and abroad have participated in the campaign.
Corporate donors include Tokopedia, Sociolla, Waresix, and Traveloka as well as venture capital firms such as EV Growth, and AC Ventures, Samora Group and Triputra Group.
The fund is also supported by Pavilion Capital, Adams Street Partners, and Zhang Yiming, CEO of ByteDance.
Out of the Rp 10 billion targeted fund, East Ventures said the Rp 9 billion will go into producing 100,000 test kits, while the remaining Rp 1 billion will be used to finance the whole genome sequencing project.
It said previously that it will also work with one of its portfolio companies, deep-tech startup Nusantics, on the initiative. Nusantics is a member of the Technological Research and Innovation Task Force for COVID-19 under the Indonesia Technology Assessment and Application Agency (BPPT).
Indonesia’s BukuKas bags seed funding led by Sequoia Capital India
BukuKas, a digital ledger for micro, small, and medium enterprises in Indonesia, announced an undisclosed seed funding round led by Sequoia Capital India through its startup programme Surge.
The company said in a statement that Credit Saison, Hustle Fund, Whiteboard Capital, 500 Startups and several angel investors also participated in this round.
The proceeds will be used to expand the product offering to include neo-banking services and hiring more tech talent.
Launched in December last year, BukuKas helps Indonesian MSMEs understand and manage their financial flows more effectively with the digital ledger system. The firm sees the opportunity from small conventional offline stores that usually tracked their income manually.
Founded by former furniture online marketplace Fabelio CEO Krishnan Menon and Lorenzo Perrachione, the platform provides a simple book-keeping solution for MSMEs to monitor sales, profit and credits – and send WhatsApp reminders to their customers when credit is due.
As of April, BukuKas claims to have served over 250,000 merchants who have recorded $150 million worth of transactions.