Indonesia: Sembrani Nusantara Fund (SNF), a new fund launched recently by Indonesian corporate VC firm BRI Ventures, has led an undisclosed Series A investment in the Indonesian direct-to-consumer (D2C) shoe brand Brodo.
As per a press statement, the fresh funds will be used to bankroll Brodo’s product innovation and strengthen its supply chain network to increase local market penetration.
Established in 2010, Brodo specializes in men’s fashion. It merges the online and offline shopping experience with three brick-and-mortar shops in Jakarta, Bandung, and Surabaya.
Yukka Harlanda, CEO of Brodo, said: “With this funding, we will double down on our product innovation and strengthen our supply chain network to help deeper penetrate Indonesia’s market. We are also preparing for our second stage of growth to fulfill a specific mission of making Indonesian brands cool again. This will ignite the revolution of digital-first microbrands.”
The Brodo team has also developed Boleh Dicoba Digital (BDD), a digital marketing platform, which will soon be available for micro, small and medium enterprises (MSMEs) in the archipelago.