BRI Ventures Involved in Modalku Series C Funding

BRI Ventures is involved in parent company funding Modalku, Funding Societies. This was confirmed directly by Modalku Co-Founder & CEO Reynold Wijaya. To DailySocial he revealed that the involvement of BRI Ventures was part of Modalku series C funding which was recorded last April 2020.

"Earlier we announced that the Modalku group has secured a series C funding commitment of US$40 million (or around 625 billion Rupiah) from previous investors who have joined as well as new investors whose names have not been announced. This funding involving BRI Ventures is part of from our series C funding," Reynold said.

Modalku will focus on this fresh fund to realize its vision of increasing financial inclusion in Southeast Asia, as well as creating a positive impact on the Indonesian economy. Especially during this pandemic, this funding will support the company's strategy to support SMEs to continue to grow and survive. In addition, Modalku continues to innovate to provide new products.

"The company also has a target to be able to reach more SMEs in various sectors and regions. However, our main focus right now is to support SMEs whose businesses have been affected by this pandemic. So our main strategy at this time is to react more quickly to changes in macroeconomic conditions through restructurisation."

Impact of the pandemic

The pandemic made several tech startups carry out operational efficiency business, some of which even go so far as to do layoffs to pivot business models. Meanwhile, Reynold emphasized that so far Modalku has not done this, including laying off its employees. The current pandemic wave forced Modalku to take various internal and external anticipatory steps.

From the internal side, the company also performs streamline operations to increase efficiency to simplify operational processes. According to Reynold, under these conditions, it is important for the company to stabilize the company's pace and continue to grow healthily. Therefore, he was reluctant to refer to this as layoffs.