The Series C funding round for the social commerce platform Evermos, based in Indonesia, was successful in raising $39 million.
The International Finance Corporation (IFC), a part of the World Bank organization, and IFC Emerging Asia Fund, LP, managed by IFC Asset Management Company, are in charge of providing the funding, according to a statement released by Evermos on Thursday.
Returning partners like Jungle Ventures, Shunwei Capital, UOB Venture Management, and Telkomsel Mitra Inovasi also participated in the round.
Additionally, new partners SWC Global, Endeavor Catalyst, and Uni-President Asset Holdings contributed to this funding round.
By expanding to Sumatera and deepening its penetration into Java, Evermos said it will strengthen its reseller network and enable brands to more quickly reach Indonesia’s expanding population in Tier 2 and Tier 3 cities.
Evermos stated that it will keep pushing its initiatives to support local brands’ growth and give them the tools they need to have a positive effect on the Indonesian economy.
Evermos will continue to lead efforts to upskill resellers so they can use digital advertising to reach customers outside of their personal networks in addition to expanding their reseller network.
It is stated that the business observed 18 times higher sales from resellers using digital tools than from those relying solely on personal networks.
Additionally, the money raised will be used to advance Evermos’ suite of AI-powered tools and services that help resellers better understand their customers through CRM.
Evermos claimed that with this most recent round of funding, it is still on track to achieve its goal of helping local micro, small, and medium-sized enterprises (MSME) grow and have a positive effect on the economy at large.
“We have stayed true to our commitment to supporting local brands since day one,
“In the process of solving the logistical issues Indonesian brands face due to the country’s unique geographical and economic challenges, we have realized that brands face diverse challenges beyond distribution,” said Ghufron Mustaqim, Co-Founder and Chief Executive Officer of Evermos.
He claims that as a result, the company will keep using innovation to more effectively connect regional brands with customers in smaller cities.
“This achievement reflects the trust of our investors in executing our mission and their dedication to empowering vulnerable communities by providing them with a sustainable and flexible source of income through our connected distribution network and services for commerce,” he added.
Evermos was established in November 2018 with the goal of addressing the complex issues affecting Indonesia’s micro, small, and medium-sized enterprises (MSME), which make up 99.9% of all companies in the country, according to the central bank of the Republic.
Despite MSMEs making up 60.3% of the GDP of the nation, only 0.5% of them are able to expand, in part due to the numerous logistical problems that Indonesia’s market presents.
