Indonesia-focused B2B e-commerce site WOOK has raised $22 million in a Series B round led by private equity firm Maison Capital. Meanwhile, Indonesian angel investment network ANGIN recently announced a new office in Medan, its first expansion within the country.
Maison leads Series B for WOOK
Chinese private equity firm Maison Capital has led a $22-million Series B round for e-commerce platform WOOK, AVCJ reported. Another local PE company Founder Danen Ventures also participated in the round.
WOOK is a B2B e-commerce site dedicated to linking Chinese brands and buyers in Indonesia. The site distributes brands such as DJI drone, Inmotion, Airwheel, Huntkey, ORICO, and TENDA. It also sells its in-house brands VIVAN and ROBOT.
Founded by Chinese entrepreneur Longhua Xu, WOOK has over 10,000 retailers and a team of 300 salesmen across Indonesia. The platform also has 17 branch offices in the country.
WOOK received its series A financing round from Wu Xiaoguang – a former Tencent senior executive vice president and co-founder – and a number of other investors like Ling Daihong, Yang Xiangyang in Shenzhen and Dark Horse Fund.
ANGIN expansion to Medan
Angel Investment Network Indonesia (ANGIN) has begun to expand its reach in Indonesia by opening a new office in Medan. Tying up with a local partner – entrepreneur and investor Edy Tan – ANGIN’s Medan arm will begin operation in June. It will be based in a co-working space in Medan’s business center called Clapham Collective.
Medan has a population of 30 million – the fourth largest in Indonesia – and within close proximity to Singapore, Kuala Lumpur and Bangkok.
ANGIN Medan is ANGIN’s first subsidiary. To “amplify its impact”, ANGIN is exploring similar opportunities in other regions in Indonesia.