Total amount raised
$77.3 Million
Latest funding date
01/01/2024
Location
Evermos has successfully raised funding over six rounds, with the latest being a Venture - Series Unknown round. The platform connects resellers to brands and consumers, focusing on everyday Muslim products.
Keep reading to explore the intricacies of Evermos's fundraising journey and the investors backing this innovative platform.
What Is Evermos?
Evermos is a social commerce startup based in Bandung, Jawa Barat, Indonesia. The company operates a platform that connects resellers to brands and consumers, focusing on everyday Muslim products.
Founded with the mission to empower Indonesian women, Evermos offers a reseller service without the need for initial capital. The company has an employee count ranging from 501 to 1000 and operates within the consumer goods, e-commerce, social impact, social shopping, and trading platform industries.
How Much Funding Has Evermos Raised?
- Series A
- Amount Raised: USD 8,250,000
- Date: December 2019
- Lead Investors: Jungle Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the platform and increase the reseller network.
- Series B
- Amount Raised: USD 30,000,000
- Date: September 2021
- Lead Investors: UOB Venture
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance technological capabilities.
- Non-Equity Assistance
- Date: January 2021
- Lead Investors: Endeavor Indonesia
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To receive strategic support and mentorship.
- Non-Equity Assistance
- Date: April 2022
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To gain non-financial support for business growth.
- Series C
- Amount Raised: USD 39,000,000
- Date: May 2023
- Lead Investors: International Finance Corporation
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To fuel business expansion and enhance digital tools.
- Series Unknown
- Date: January 2024
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue scaling and expanding market reach.
Total Amount Raised: USD 77,250,000. Current Valuation: Not publicly disclosed.
Key Investors
- International Finance Corporation (IFC)
- Details: IFC is a member of the World Bank Group and manages the IFC Emerging Asia Fund, LP. It focuses on private sector development in developing countries.
- Investment Focus Areas: Private sector development, financial inclusion, digital economy.
- Notable Investments: Investment in Evermos to promote shared prosperity and digital inclusion in Indonesia.
- UOB Venture Management
- Details: UOB Venture Management is a returning investor in Evermos, having participated in both Series B and Series C funding rounds. It is a part of the United Overseas Bank (UOB) Group.
- Investment Focus Areas: Not explicitly mentioned in the sources.
- Notable Investments: Investment in Evermos' Series B and Series C funding rounds.
- Jungle Ventures
- Details: Jungle Ventures is a venture capital firm that has backed Evermos since leading the Series A round in 2019. It focuses on early-stage investments in Southeast Asia and India.
- Investment Focus Areas: Consumer discretionary products, economic growth in Tier 2 and Tier 3 towns.
- Notable Investments: Leading Evermos' Series A round in 2019, participating in Evermos' Series C funding round.
- Endeavor Catalyst
- Details: Endeavor Catalyst is a co-investment fund that supports high-impact entrepreneurs in emerging markets. It participated as a new investor in Evermos' Series C funding round.
- Investment Focus Areas: Not explicitly mentioned in the sources.
- Notable Investments: Investment in Evermos' Series C funding round.
- Shunwei Capital
- Details: Shunwei Capital is a venture capital firm that invests in early to growth-stage companies. It participated as a returning investor in Evermos' Series C funding round.
- Investment Focus Areas: Not explicitly mentioned in the sources.
- Notable Investments: Not explicitly mentioned in the sources.
What's Next for Evermos?
Evermos stands on the brink of significant growth, with opportunities to expand its reseller network in Sumatera and Java, and to support local brands in reaching Tier 2 and Tier 3 cities. The Indonesian market, particularly in these regions, represents a vast potential for growth, given that MSMEs make up 99.9% of all companies in Indonesia and contribute significantly to the GDP.
Future fundraising opportunities seem promising, as the successful Series C round led by IFC indicates strong investor confidence. This financial backing could pave the way for additional rounds to further scale operations and enhance digital tools, including AI-powered services for better customer relationship management.
However, Evermos may face challenges such as logistical issues due to Indonesia's unique geography and ensuring sustainable growth while scaling operations. Competition in the social commerce and e-commerce sectors also poses a potential hurdle. Despite these challenges, the company's focus on digital and financial inclusion positions it well for continued success.
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