Desty, a social commerce website builder located in Indonesia, has secured a new round of funding headed by investment company Square Peg.
The secret funding follows a $5 million pre-series A investment led by East Ventures in November 2021, which included Jungle Ventures, Fosun RZ Capital, and January Capital.
Desty is a platform that enables artists, influencers, and merchants to advertise and sell their products. It was founded in 2020 by former Alibaba executives Bill Wang and Mulyono Xu. It has a Desty Page landing page generator as well as a Desty Store service that allows customers to construct online businesses.
The company recently introduced new tools to help merchants process transactions more efficiently, resulting in a 250 percent increase in gross merchandise value month over month during the previous quarter.
Desty claims that its services are used by almost one million Indonesians, a 33x increase year over year.
The money will be used to improve the product, expand the staff, and acquire new users.
Square Peg’s assistance will be beneficial, according to Xu, who also serves as Desty’s CEO, because the investment firm has backed startups with similar business concepts all across the world.
Square Peg has invested over $200 million in Southeast Asian startups like PropertyGuru, FinAccel, Pluang, and Doctor Anywhere, and manages more than $1 billion in committed funds.
