A Number of New Investors Entered VIDA's Series A Funding, Now Books 738 Billion Rupiah (UPDATE)

*Update: There is an additional investor in this round, namely Orion Advisors with fresh funds of $2,5 million.

Funding VIDA series A is still ongoing, having previously raised $41,2 million from Alpha JWC Ventures, Endeavor Catalyst, and others; now several new investors including the SEA Frontier Fund, YTL Utilities Finance, and Olympus Capital added investment in the round worth $6,8 million or 98 billion Rupiah.

Thus, according to the data that has been inputted to the regulator, from the latest round, VIDA has managed to raise fresh funds $ 50,5 million or around 691 billion Rupiah.

When contacted DailySocial.id, related parties are still reluctant to comment regarding this round of funding.

Still from the same source, the total investment funds raised by VIDA reached almost $60 million, increasing VIDA's valuation to nearly $300 million. This is also the largest funding ever obtained by a startup digitalsignature in Indonesia.

Another similar startup was the last to record series B funding is Privy. The investment led by GGV Capital brought in fresh funds of 240 billion Rupiah. From the data we collected, from all its funding rounds, Privy managed to raise nearly $24 million in equity funding.

Digital signature service momentum

VIDA, Privy, SignAja, until Digisign is seizing the large market potential of digital/electronic signature products. According to Fortune Business Insight, the market size for digital signature services has reached $3 billion in 2021. This year it is expected to increase to $4,05 billion and grow to $35,03 billion in 2029 at a CAGR of 36,1%.

Meanwhile in Indonesia, according to DocuSign analysis, total addressable market still very wide open. The potential could reach $25 trillion.

This is because use case increasingly widespread use. Moreover, crucial sectors such as banking have also adopted it to support banking services online-his. Apart from that, related services have also received attention from regulators, for example for digital signature products entered into PSrE at Kominfo and e-KYC entered at regulatory sandbox FSA.