Indonesian SaaS startup iSeller nets $8m in Series B

A warung in Jakarta, Indonesia. Photo by Robbi Firmansah on Unsplash

iSeller, an Indonesian omni-channel sales SaaS startup, has raised nearly $8 million in a Series B funding round this week, according to ACRA filings accessed by DealStreetAsia – DATA VANTAGE.

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.

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.