iSeller Receives 120 Billion Rupiah Pre-Series B Funding, Ready to Expand Business

POS developer startup iSeller announced the acquisition of a pre-series B funding of IDR 120 billion led by AppWorks and Openspace Ventures. Previous investors, Mandiri Capital Indonesia (MCI) and Indogen Capital, participated in this round.

This injection of funds will be used to launch business expansion to 50 cities in Indonesia, accelerate acquisitions merchant, as well as strengthen collaborations with important players, such as Grab. This step is expected to boost the company's performance by up to 500% from the previous achievement.

Founder and CEO iSeller Jimmy Petrus said, compared to the Series A round last year, this year the company managed to achieve impressive growth, which was more than 300% overall. year-on-year on the number of acquisitions merchant and annual revenue.

“[..] Through this latest series of funding, we are committed to continuously creating new innovations and updating products, technology, and infrastructure to be ready to reach millions of MSMEs in the process of accelerating digital transformation in Indonesia. We believe that the iSeller solution and ecosystem holistically will be able to take MSMEs to the next level," Jimmy said in an official statement, Wednesday (13/10).

AppWorks Founder and Chairman Jamie Lin said, "In just a few years, iSeller has been able to drastically improve MSME business efficiency and establish an excellent reputation. He assessed that iSeller has enormous potential to become the market leader for -based business POS platforms omnichannel.

Apart from iSeller, other AppWorks portfolios in Indonesia include HarukaEdu, Fabelio, and InfraDigital.

“[..] This dedication makes the founder of iSeller incredibly powerful in the business SaaS world, where continuous new innovation in a product is needed. We expect strong growth in the sector point-of-sales as well as a business platform based on omnichannel and this is already reflected in the growth and performance of iSeller,” said Lin.

Founded in 2017, iSeller provides easy-to-use and comprehensive POS system solutions for customers merchant can sell on any platform –online, offline, marketplaces. The company's ambition is to become super app merchant in Indonesia, the same ambition is echoed by GoBiz, the service unit of Gojek.

"With this funding, we are targeting 10x growth in 2022 by expanding our reach in Indonesia and increasing the solution focus on business lines. retail, F&B, serviceand lifestyle, especially those who rely on the market E-commerce as the main source of income,” added Kevin Ventura as CCO of iSeller.

The company recently launched a new product, namely iSeller Go for small-scale MSMEs that can sell through stores online or combine sales offline through POS by utilizing existing technology such as smartphones. Next, Marketplace Integration as a solution for business people who want to sell on various platforms marketplace hassle-free because sellers can manage all of their marketplace accounts through one web admin iSeller only.

It is claimed that there are hundreds merchant who have taken advantage of and implemented this feature in their business. Previously, the company was selected to be the official WhatsApp Business Partner in Indonesia to enter the segment social and chat commerce, the next generation of e-commerce services. "In the near future, iSeller will also soon launch several new innovations in collaboration with Facebook," said Kevin.

Currently, iSeller is present in 10 cities, outside Jabodetabek, such as Bandung, Bali, Medan, Surabaya, and Batam. The company claims to process over a million transactions per month across all channels. The solution has been utilized by more than 60 thousand business actors, including several premium businesses such as SOGO, OMNILUXE, MOI, Damn! I love Indonesia, IT Gallery, United Bike, Sinarmas Insurance, MOVI, HMNS, ASHTA, Lemonilo, and Peripera.

Solution omnichannel

based solutions omnichannel this is currently quite relevant. The research entitled "2020 Ecommerce Fulfillment Trends Report" stated that as many as 86% of the respondents, which are: e-commerce merchants, sells its wares on more than one channel. Not a few also sell through social media. In the future, 69% merchant plans to continue to increase online sales channels.

Apart from iSeller, in Indonesia so far there have been several startups that have tried to offer similar solutions, two of which are Clodeo and Jubelio.

According to the report carried out DSResearch with Mandiri Capital Indonesia, conveyed that there are three main problems that are often faced by SMEs in Indonesia, namely related to: Financial, Operationsand Expansion. SaaS service models such as those released by iSeller have proven to contribute to business improvement, resolving these issues agilely.