Singapore retailer IUIGA raises $7m led by Indonesian conglomerate Konimex

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.

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.