Financial details of the Series A funding were not disclosed but a statement said the funds raised will go towards business expansion, which will include merchant acquisition and onboarding.
Established in 2017, iSeller operates a cloud-based platform for omnichannel businesses. The platform integrates in-store point of sale, online storefront, payment processing, order fulfilment, and inventory management.
“Our goal is to empower small and medium business owners with an end-to-end digital ecosystem that allows them to manage and scale their businesses easier, faster, and smarter, particularly in this challenging time,” said Jimmy Petrus, CEO and founder of iSeller.
iSeller claims that it has doubled its revenues and its active merchant pool year-on-year, amidst the COVID-19 pandemic, and currently processes more than five million transactions in a month.
Openspace Ventures Founding Partner Shane Chesson said the omnichannel sales software opportunity in Indonesia and the region “is ripe for growth”. The VC firm has been investing in SaaS since 2015, including into Tradegecko, which was recently acquired by Intuit.
“COVID-19 has irreversibly accelerated the adoption of digital payments and the importance of smooth online integrations to multiple partners… we look forward to lend our support to iSeller’s expansion,” Chesson said.
Openspace Ventures is one of Southeast Asia’s most prolific and active venture capital firms that invests in early-stage startups across the Series A and B stages.
Some of its notable portfolio companies include Indonesian ride-hailing super app Gojek, healthtech firm Biofourmis, fintech startup Finaccel, and Filipino online entertainment app Kumu.
In July, Openspace raised over $90 million for the first close of its $200 million third Southeast Asia fund.
On the other hand, Mandiri Capital, the venture capital arm of Bank Mandiri in Indonesia, will collaborate with iSeller to create a digital business ecosystem, according to the announcement.
The collaboration covers product and payment integration, as well as bundled merchant services targeting Mandiri’s 200,000 MSMEs and large enterprises in Indonesia.
“In addition to our investment, we trust that strategic collaboration with our merchant ecosystem and Mandiri business groups will help iSeller to achieve massive growth, paving the way to profitability,” said Eddi Danusaputro, CEO of Mandiri Capital Indonesia.