Majoo, an Indonesian software-as-a-service platform, has secured $10 million in a series A fundraising round from investors including Xendit, BRI Ventures, Quona Capital, and AC Ventures.
Adi Wahyu Rahadi and Audia Harahap founded Majoo in 2019, which provides SMEs with solutions including an online cashier system, an online shop dashboard, inventory management, and accounting tools.
The business said in a statement that it has signed up 35,000 customers so far, including restaurants, bars, laundromats, and convenience stores. Over 166 million transactions totalling over $970 million have been handled since its establishment.
“Majoo’s customer retention of over 80% shows how valuable its software is to the users,” said Adrian Li, managing partner at AC Ventures.
With the additional capital, the SaaS platform hopes to increase customer reach, forge more strategic alliances, and quicken market penetration. To create an immediate online shop offering and add more staff, Majoo received US $5 million in a pre-series A round earlier this year.
