Indonesia's Leading Social Commerce Startup, Evermos, Secures US$8.25m in Series A Funding
January 10, 2020 Asianet PakistanMENA, Press Releases
JAKARTA, Indonesia, Jan. 10, 2020 /PRNewswire/ — Evermos, a social commerce company focusing on enabling resellers sell everyday products which are Halal/Sharia compliant across Indonesia, announced it recent Series A funding of US$8.25 million from Jungle Ventures, Shunwei Capital, and Alpha JWC Ventures.
Based in Bandung, West Java, Evermos had launched its platform only nine months ago. It has since then rapidly grown into a network of over 20,000 paid resellers across every single province throughout Indonesia, marketing thousands of local products from hundreds of local brands.
Evermos closed a total of US$8.25 million in an oversubscribed Series A funding round, led by Jungle Ventures with participation from Shunwei Capital as well as existing investor Alpha JWC Ventures. The company plans to use the funds to expand its presence in the digital Islamic Economy ecosystem, accelerate the growth by focusing on further collaborations with local brands and organizations, and build and support a vast online reseller network.
According to Thomson Reuters, the market for halal/Sharia compliant/Islamic goods surpassed $2 trillion USD in 2016, and it is likely to increase to $3.8 trillion USD by 2022. As the country with the largest Muslim population in the world, Indonesia will see a significant chunk of this growth of the Islamic Economy globally.
Co-founder and Evermos CEO, Iqbal Muslimin, said that, "The digital economy in Indonesia has grown particularly fast, and its Sharia economy has a very large potential to become a part of this expansion. The Indonesian government also been showing support to accelerate Sharia economy by providing supportive regulations and plans and we are keen to support that with our technology ecosystem."
"Given the size of our Muslim population, this Sharia economy will have a positive impact throughout the country. Not only will Evermos continue our work to build an end-to-end social commerce platform and ecosystem to connect brand owners to our resellers and to end consumers, but it will also do business with our partners in compliance with Sharia law requirements," he said.
"We build the tech infrastructure to provide everyday needs for Indonesian Muslims, hence the name Evermos, short for Everyday Need for Every Moslem," said Ilham Taufiq, co-founder and Head of Partnership of Evermos. "We believe Evermos is not limited to a business platform, but it is also an economic driver for the Muslim community. There's a lot of untapped potential on this that we will address in the future, including social goods, infaq, halal travel and Sharia fintech," he added.
Yash Sankrityayan, Principal at Jungle Ventures, added that, "We are very excited to partner with the Evermos founding team as they have deep understanding and respect for the large Sharia economy in Indonesia, a clear vision for supporting it with technology, as well as a genuine desire to build an ecosystem to enable and help motivated Indonesian individuals to have additional income and contribute further to their households no matter their current employment and education status. They are also a serial founding team which has been building valuable digital startups together for years and that shows in the pace at which they have been building and growing."
About Evermos
Evermos is a social commerce startup that connects resellers-to-brands to consumers via platform to sell Muslim products. Evermos focuses on bringing everyday need for every Moslem with resellers, by selling halal products through Whatsapp and social media, in various verticals, including fashion, food, cosmetics and business opportunities that comply with Sharia laws.
About Jungle Ventures
Jungle Ventures is one of the largest early stage venture capital firms in Southeast Asia. Its portfolio broadly covers three verticals: consumer brands for the digitally native; digital platforms for transforming SMEs; global technology leaders born in Asia. In the last 5 years, Jungle Ventures has also exited its portfolio companies to large global technology companies such as Rakuten, Twitter, Expedia and manages more than US$350 million across 3 funds.
About Shunwei Capital
Shunwei Capital is a premier venture capital firm specializing in early to growth stage investments in disruptive business models. Shunwei invest in mobile Internet, Internet+, consumer IoT, smart manufacturing, deep technology and rural Internet. Investment portfolio comprises Xiaomi, 17zuoye, Meicai and other premium companies in China. Shunwei Capital manages over US$3 billion in funds under management.
About Alpha JWC Ventures
Alpha JWC Ventures is a Southeast Asian venture capital firm with an Indonesia+ angle and focused value-add approach. We have deep financial technology and sustainable consumer sector expertise. The firm currently manages two funds of more than US$170 million and more than 30 active portfolio companies.
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شركة التجارة الاجتماعية الناشئة الرائدة في إندونيسيا، إيفرموس، تؤمن 8.25 مليون دولار في سلسلة التمويل أيه