BRIK Reportedly Received Initial Funding of 59 Billion Rupiah Led by AC Ventures [UPDATED]

Platform developer startups B2B commerce (B2B Raw Materials Aggregator) for building materials "BRIK" reportedly received initial funding from a number of investors. BRIK leverages technology to provide a more efficient financing and distribution experience in the construction ecosystem. They serve institutional customers and retail outlets.

According to sources close to the deal, the nearly $4 million (or 59,5 billion Rupiah) seed funding was led by AC Ventures, with the involvement of Accel, Infra.Market, Alto Partners, BizOnGo, and a number of angel investors --- including executives from YummyCorp, KoinWorks, Bank Aladin Syariah, Bilah Metal, Goldman Sachs, LVMH Catterton, and the Ministry of Education and Technology.

BRIK was founded by 4 people founders, two of whom were former VP SEA Investments at Jardines and one co-founder on iDexpress.

The products that BRIK sells are quite diverse, ranging from sand, cement, steel, concrete, to chemicals commonly used in construction. The solutions offered focus on high volume construction products under its own brand. In doing so they want to solve problems such as lack of price transparency, unreliable quality, fragmented vendor base, and inefficient logistics.

business model

Quoting from information on the official site, BRIK develops its own construction products with quality and characteristics that are in accordance with the research the team has carried out. Their competitive advantage lies, among other things, in their ability to shorten the supply chain/supply chain leaders. The company also provides a system cloud manufacturing and retail as a service.

Through a mechanism cloud manufacturing, the company engages building material supplier partners to help the company produce goods --- BRIK provides guaranteed sales through its channels. While the mechanism retail as a service allows anyone to join as a BRIK agent.

BRIK's vision is to shorten the distribution chain of construction materials through a high-tech procurement platform, connecting buyers with construction material manufacturers.

Previously, the GoCement platform was also available to offer the procurement of building materials, with a different business model --- more B2B marketplace. Last October 2021, they announced initial funding from Arise (fund collaboration of MDI Ventures and Finch Capital), MDI Ventures, Beenext, and Ideosource. The company will focus fresh funds to accelerate product development for the B2B market by including large distributors on the platform.

Menurut exposure submitted by the Ministry of Trade of the Republic of Indonesia, market size B2B commerce in Indonesia will reach $21,3 billion by 2023. Meanwhile, according to a Mordor Intelligence report, the size of the building construction market in Indonesia has reached $10,97 billion in 2022. This is a big enough opportunity for startup activists to explore.

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Updated: We updated information regarding nominal value and list of investors