A $5 million seed round of investment has been secured by Cosmart, an Indonesia-based e-commerce company, from Lightspeed, East Ventures, and Vertex Ventures Southeast Asia & India.
Henry Hendrawan, a former president of Traveloka, and Albert Lucius, a former CEO of Kudo, also contributed.
Cosmart, an early-year startup membership e-commerce network, enables customers to purchase necessities at lower costs.
The company said in a statement that it has collaborated with more than 80 firms, including well-known brands like Unilever, P&G, and Indofood. Since the company’s founding, Cosmart claims to have supplied over 100,000 goods.
Alvin Kumarga, a former executive at Traveloka and co-founder of Airy Rooms, and Robert Tan, a former executive at the investing app Pluang, launched Cosmart.
The business intends to utilize the additional money to expand its membership model, make supply chain infrastructure investments, and hire more staff members. More than 50 people work there at the moment.
An innovative venture capital company in Indonesia is called East Ventures. East Ventures, which was founded in 2009, has evolved into a comprehensive platform that offers multi-stage investment, including Seed and Growth, for more than 200 businesses in Southeast Asia.