Indonesian P2P firm Investree has acquired a stake in B2B procurement startup Mbiz while legal startup Legalku has secured unspecified funding from UMG Idealab, the corporate venture capital arm of Myanmar’s UMG Group.
P2P firm Investree acquires stake in Lippo-backed Mbiz
Investree, a peer-to-peer startup that facilitates loans from lenders to mostly SME borrowers, has reportedly acquired a major stake in B2B procurement platform Mbiz to further build its infrastructure to support SMEs.
Financial details of the deal were not immediately disclosed. A report by the DailySocial said Investree co-founder Adrian Gunadi will sit as a board observer at Lippo Group-backed Mbiz following the acquisition.
Investree now joins Tokyo Century Corporation as an external investor in Mbiz. Tokyo Century invested in the company’s Series A round in 2017.
Gunadi was quoted as saying that the acquisition will allow Investree to offer not only financial service but also SME-focused solution. Investree has facilitated more than $45.48 million in loans since May 2016 and claims a market share of around 30 per cent in an industry of around 32 players as of February 2018.
Legalku secures funding from Myanmar’s UMG Idealab
Jakarta-headquartered legal-tech startup Legalku has secured an undisclosed amount of funding in its seed round led by UMG Idealab, the venture capital arm of diversified conglomerate UMG Myanmar, according to a statement.
Legalku, founded in December 2017, provides an on-demand legal consultation service for MSMEs and a SaaS platform for legal practitioners. The company said its platform allows law office, notary firms, and corporate legal teams to manage their operations.
The startup’s services are available in four cities in Indonesia with plans to expand to 10 more cities in the country and eventually offer its services to other countries in Southeast Asia.