The filings showed that the Singapore-headquartered venture firm Openspace Ventures and Indonesia’s Mandiri Capital, both existing investors in the startup, pumped in $3 million and $1.5 million respectively, in the round.
ACRA filings only reflect the equity funding received so far in a round and the overall funding could be larger and/or have other components such as debt. DealStreetAsia has reached out to, and is awaiting a response from, iSeller.
Taiwan-based venture investor AppWorks and Indogen Capital, another Indonesian VC, also participated in the funding round with paid-up capitals of $3 million and $500,000, respectively.
Openspace Ventures is the biggest institutional investor in the startup with a roughly 18% stake, followed by Mandiri Capital that holds 14% of the firm, according to DATA VANTAGE. AppWorks holds a roughly 8% stake in the firm, while Indogen Capital owns 1.36%.
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.
Founder and CEO Jimmy Petrus earlier said that the startup’s 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”.
iSeller, with its pay-as-you-go subscription model, serves consumer businesses in sectors including retail, food and beverage, and consumer services, catering to clients like Geprek Bensu, Ixobox, Agung Sedayu Retail Indonesia (ASRI), United Bike, and Yogurtland.
In November, the SaaS startup announced raising an undisclosed amount in its Series A funding round co-anchored by Openspace Ventures and Mandiri Capital. The said funding went to business expansion and technology development.
DATA VANTAGE shows the startup raised $3 million in the Series A funding round at a price of $24 per share. The share price in the latest round was around $60 apiece — a 150% increase from the Series A.
Last year, the company claimed that it had doubled its revenues and its active merchant pool year-on-year, amidst the COVID-19 pandemic, and was processing more than five million transactions in a month.
Shane Chesson, founder partner of Openspace Ventures, the co-lead investor in the latest funding round, believes that 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 acquired by Intuit.
In July, Indonesian SaaS platform OnlinePajak raised $12 million from Tencent Holdings, Altos Ventures, and existing investor Warburg Pincus. The fresh funding brought the startup’s valuation to nearly $170 million.