MDI Ventures, the venture capital arm of Indonesia’s state-owned Telkom Group, has led a pre-Series A investment round in marketing SaaS firm Kofera. The amount of investment was not disclosed.
Kofera plans to expand its market, advance research, and boost product development with the new investment.
Kofera helps online advertisers create, configure and optimize marketing campaigns using machine learning algorithms. It claims to be the first and only SaaS provider to automate marketing using Big Data, artificial intelligence (AI), and machine learning. Its clients include Blanja.com, Berrybenka, Tokopedia, Bhinneka, Luxola, Sejasa.com, and aCommerce, among others.
Kofera was started in 2015 by Bachtiar Rifai, Gayuh Tri Satria, Ryan Haryadi, and Ferry Ardhana Wahyu Hutama. The startup had previously worked with Indigo, Telkom’s incubator arm.
This is MDI Ventures’ second investment where it has led the funding round this year, following a $8.15 million Series B round for Wavecell last week.
MDI Ventures told this portal that it has $100 million ready to be deployed within the next four years. The VC targets mostly B2B businesses rather than B2C.
With big investors now eyeing Indonesia as their target, MDI Ventures is more confident in disbursing its funds. The company aims to spend close to $25 million allocated for the year, hoping to find more Indonesian startups with global visions, led by founders with greater ambitions than just conquering local markets.