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.