Singapore-based omnichannel retailer IUIGA Technologies has bagged S$10 million ($7 million) in its Series A funding led by Indonesian diversified conglomerate Konimex Group’s technology arm, to fuel its Southeast Asia expansion.
The investment will be channeled across IUIGA’s Singapore and Indonesia operations, it said in a statement. The company aims to double down its business operations in strategically burgeoning markets, with a laser focus on Indonesia for 2020.
It pledges to invest in product development and technologies, including big data and artificial intelligence, to deepen e-commerce personalisation, as well as accelerate hiring for regional expansion.
The startup works with manufacturers under their original design manufacturer (ODM) business model to assure product transparency and remove unnecessary middlemen costs.
Founded in 2017, IUIGA claimed it has garnered a 12x growth in gross market value and launched nine physical stores in Singapore. Its online retail traffic has turned up to 4 times larger than the regular brick-and-mortar operations within the island state, particularly during April’s circuit breaker period.
“Our latest funding highlights that untapped opportunities abound within the Indonesian markets. More pertinently, we’ve been very discriminating in finding partner investors in IUIGA,” commented Jaslyn Chan, chief growth officer of IUIGA.
Chan added that IUIGA planned to double the Indonesia office’s headcount in the coming six months.
“We’re observing a noticeable sensibility within the Indonesian consumer market; consumer preferences are evolving where brand affinity is now pegged towards how one’s personal values align with a brand’s broader values and mission,” she said.
“We’re working to build one of the world’s most impactful brands, and we’ve always taken a long-term view to our investments,” added Edward Setiawan Joesoef, director at PT Konimex Sinergi Multitek, the technology unit of Konimex Group.
Konimex Group has interests in healthcare, consumer goods, distribution and sales, commercial property and real estate, trading and investments.