Indonesian MSME software startup majoo raises US$10m Series A round

MAJOO, an Indonesian startup offering software solutions for domestic micro, small-and-medium enterprises (MSMEs), has raised US$10 million in a Series A round led by an undisclosed global technology investor.

The round was joined by its existing investors AC Ventures, Quona Capital, BRI Ventures and fintech startup Xendit. majoo will use the fresh capital to expand its customer reach and initiate more partnerships.

The startup said that it has processed more than 166 million transactions worth US$970 million for MSMEs in over 600 Indonesian cities. Customers include barbershops, laundromats and convenience stores.

Dan Bertoli, partner at Quona Capital, said: “majoo’s traction since we co-led their pre-Series A round has been impressive. We are particularly excited about majoo’s products — the fully in-house developed payment and support features are, in our view, the best in the market.”

Nicko Widjaja, CEO of BRI Ventures, said that the investment is in line with his firm’s “commitment to continue to encourage financial inclusion in Indonesia in this digital era and create a sustainable SME (small and medium-sized enterprise) empowerment environment".