SoftBank leads $28m funding in Indonesian social commerce firm Super

Super co-founding team

Indonesian social commerce platform Super has raised $28 million in its Series B round, led by SoftBank Ventures Asia.

The round also saw the participation of its existing investors such as Amasia, Insignia Ventures Partners, Y-Combinator Continuity Fund, and Bain Capital co-chairman and co-owner of Boston Celtics Stephen Pagliuca. Apart from this, new investors such as DST Global partners and TNB Aura also pumped in capital.

DealStreetAsia had previously reported the company’s plans to raise around $30 million in fresh funding.

The corpus raised will help the company expand its presence in East Java and other provinces later this year. Super, which deals with the FMCG sector, plans to expand its product range. Additionally, the fund will help the company develop its own white-label SuperEats.

Graduating from a Y-Combinator programme, Super was established in 2018 by Steven Wongsoredjo and Debeasinta Budiman. The firm started its operation in East Java province and focused on tier II and III cities, and rural areas.

Super is owned by Nusantara Technology, a consumer technology company, which has three brands – the other two being Keepo (a social media platform), and Yukepo (a digital media targeting the lifestyle of young readers).

Super CEO Wongsoredjo said as the company scales up, it plans to provide fair prices to citizens in the areas it operates and that an efficient supply chain can help achieve its aims.

“We saw how the explosion of social commerce in China and India allowed for cheaper prices for consumers in those markets. We also find great satisfaction that our agent-based model empowers mostly female micro-entrepreneurs in areas of the country that traditionally offer fewer economic opportunities. The fact that we connect large suppliers to these agents eliminates the need for excess fleets and warehouses in a traditionally bloated supply chain. So, as we expand our reach, we also help decrease Indonesia’s carbon emissions. Super’s business model is a win-win for everyone,” Budiman said.

Super currently operates across 17 cities in the East Java region in the archipelago. The company operates a hyperlocal logistics platform to deliver consumer goods to agents, usually within 24 hours of order. Super partners with thousands of community agents distribute goods to their communities each month.

In total, the startup raised over $ 36 million – it previously raised $7 million in its Series A. The startup is also backed by B Capital, Alpha JWC Ventures, Indonesian FMCG group UNIFAM, World Bank Managing Director Mari Elka Pangestu, and Jay-Z’s Arrive.

“There are more than 60 million households living outside Jakarta and the overwhelming majority of Indonesia’s commerce is still conducted offline. Such a massive opportunity will welcome significant competition, but Steven is a man on a mission, and we’ve seen nothing but resolve from him and his team,” Amasia co-founder and managing partner John Kim said.

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.