Imajin Receives Initial Funding Led by East Ventures [UPDATED]

*Update 25/1 14:00: We are updating the article by adding some official information regarding the Imajin funding received by DailySocial.id today from East Ventures

Startups manufacturing hub Imajin officially announced seed funding with an undisclosed amount, led by East Ventures with participation from 500 Southeast Asia, Init 6, and a number of investors and angel investors other.

According to data reported to the regulator, this funding was also injected by Kao Kele Pte. Ltd., Jessica Hendrawidjaja (CMO Shipper), and Tsuda Yumi. Previously, Init 6 which was venture capital formed by Achmad Zaky became the sole investor in the round Imajin pre-start funding.

"We believe this funding will strengthen us in maximizing the potential of small and medium manufacturing entrepreneurs. We will continue to improve the quality of platforms and services for every vendor that partners with Imajin," said Imajin Co-Founder and CEO Chendy Jaya in his official statement.

Meanwhile, East Ventures Partner Melisa Irene added, "We hope that Imajin will be the right solution for the manufacturing industry, and take an active role in supporting the development of the industry and the digital ecosystem as a whole," she said.

imagination was founded by Chendy Jaya, Stefanus Present (Chief Marketing Officer), and Joseline Olivia (Chief Product Officer) with the mission of becoming a digital creative manufacturing ecosystem.

Through this platform, Imajin brings local manufacturers together with customers. Imajin also facilitates project financing (project financing) for business owners who have limited funds, and offers marketplace to supply raw material.

Until now, Imajin has more than 500 local manufacturing partners, ranging from mold maker, die maker, injection, to manufacturing, as well as 100 customers including Japanese companies in Indonesia.

In 2020, Imajin was appointed by the Ministry of Industry (Kemenperin) as manmanufacturing hub Indonesia. A year later, Imajin was selected as one of the accelerator program participants Startup Studio Indonesia organized by the Ministry of Communication and Informatics (Kominfo).

Expansion

This new funding will be used to develop products, recruit, and expand market coverage at home and abroad. One of them is the automotive sector which is in line with the increase in domestic production growth. According to Chendy, the manufacturing industry is recovering after being affected by the Covid-19 pandemic.

Based on data Coordinating Ministry for Economic Affairs of the Republic of Indonesia in 2022, the non-oil and gas processing industry will grow 4,88% (YoY) with a contribution of 16,10% to GDP. Then the growth of the automotive sector exceeded the growth of the national economy. From the production side, the utilization of the motor vehicle industry as of October 2022 reached 69,20%, an increase of 40% compared to during the pandemic.

His party is committed to encouraging Small and Medium Industry (IKM) players by offering assistance to manufacturers who develop new products from the prototype stage to mass production ready. Imajin ensures quality production through standardized Quality Assurance and project management experience with Software-as-a-Service (SaaS) solutions.

In previous reports, Imajin plans to expand to Java and Batam. His party is also seriously considering entering Japan in order to encourage local industry players, especially in the automotive industry. In addition, his party is trying to accelerate digitalization in the manufacturing industry through the development of new products.

It is known, this market expansion was carried out to encourage absorption of the Domestic Content Level (TKDN). As regulated by the government, TKDN in the country is set at a minimum of 35% and is projected to increase gradually to 80% in 2026, especially for electric vehicles.

Besides Imajin, another startup in the manufacturing sector is Manuva, which recently changed its name from Tjetak. Manuva focuses on digitizing manufacturing from upstream to downstream, especially in the packaging, electrical and garment industries in Indonesia.