Indonesian live auction platform Wowbid bags $5m from Envy

Jakarta, Indonesia. Photo: Gede Suhendra/unsplash

Indonesia-based live streaming auction platform Wowbid has secured a pre-series A funding round of $5 million from a local investment holding firm Envy Management Konsultasi.

Following the deal, the company will look to expand its operation into other Southeast Asian markets including the Philippines, Malaysia, Singapore, Thailand, Vietnam and Myanmar, according to an official statement.

Wowbid claims to be the first live streaming auction in Indonesia. The startup, which launched its app on Android last year, offers e-commerce customers a new online shopping experience through a live auction video, which will enable users to purchase a wide range of e-commerce goods below the market price.

The company says its service attempts to capitalize on the popularity of videos among smartphone users.

“People’s interest towards video content is an opportunity that e-commerce players have not paid much attention to,” said Wowbid founder and CEO Rafli Ridwan.

Users can take part in the live auctions by purchasing e-coins on the Wowbid platform, which hold daily auctions selling a variety of products ranging from gadgets and electronic goods to beauty and fashion items.

Having received positive response from the Indonesian market, Wowbid plans to expand into another neighboring country by the end of 2019. According to CMO Ayu Soetopo, the company is confident its service will also be well-received in other Southeast Asian markets as they have similar traits and characteristics as its home market of Indonesia.

The fresh capital from Envy is the second investment received by the company, having previously raised a funding of $2 million from Malaysian firm Aquifer Limited in November 2018.

Also Read:

Singapore’s GIC to take 20% stake in NZ online auction firm Trade Me

Blockchain booster: Singapore eyes commodity fintech firms

Indonesia withdraws e-commerce data sharing regulation

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.