Lummo Announces VC Jeff Bezos Involvement in Series C Funding Round

Having previously announced the gain series C pendanaan funding worth $80 million (over 1,1 trillion Rupiah), business liaison software solutions provider startup Lummo announced Jeff Bezos' participation in the same funding round.

Jeff Bezos through his personal asset management office, Bezos Expedition, is following the investment round led by Tiger Global and Sequoia Capital India. Bezos' participation in this funding series aims to strengthen Lummo's ambition to accelerate business growth for entrepreneurs and brand owners in Indonesia and throughout Southeast Asia.

This is Bezos Expedition's second investment in an Indonesian startup, after previously entering the round Ula funding.

"This investment further strengthens Lummo's efforts to develop D2C solutions to provide greater added value to business owners in Indonesia, accelerate their business growth, and maximize operational efficiency by leveraging Lummo's SaaS solution," said Lummo CEO Krishnan Menon.

To DailySocial.idLummo COO Lorenzo Peracchione said the fresh funds would be focused on expanding product offerings to serve more MSME entrepreneurs and brands. With the inclusion of Jeff Bezos as part of their investor, it is expected to provide more benefits to Lummo, seen from Jeff Bezos' previous achievements in building Amazon into a service. E-commerce global flagship.

"We're delighted to have Jeff Bezos on the team and it's an honor for us to have such an expert in digital e-commerce. This investment is also a validation of the work we have done. What is important is that this investment is a strong signal of investor confidence globally, and also changes the perception of foreign investors about Indonesia's current potential and growth," said Lorenzo.

Prioritizing the D2C concept

D2C Approach which is claimed as Lummo's competitive advantage has had a sustainable impact on their business development. In addition, D2C solutions also open up more business potential for small and medium-sized businesses in the midst of challenging online business competition. Armed with in-depth experience of the market in Indonesia, Lummo is optimistic that it can create technological solutions that are able to solve business challenges faced by entrepreneurs.

In early 2020, Lummo, previously known as BukuKas, has done rebranding TOKKO, which is under BukuKas, was also involved inrebranding become LummoSHOP.

In particular, LummoSHOP, helps businesses and brand owners who want to optimize their business growth by helping them build relationships and sell direct to customers (D2C), in order to maximize operational efficiency across multiple channels and build their own brand effectively. online.