How Much Did Evermos Raise? Funding & Key Investors

Evermos has successfully raised funding through various rounds, attracting notable investors such as Ascent Venture Group and Uni-President Asset Holdings. The platform connects resellers to brands and consumers, offering a wide range of halal products including fashion, food, and cosmetics.

Keep reading to explore the intricacies of Evermos's fundraising journey and the investors backing this innovative platform.

What Is Evermos?

Evermos, founded on November 1, 2018, is a social commerce startup based in Bandung, Jawa Barat, Indonesia. The company operates in the consumer goods, e-commerce, social impact, social shopping, and trading platform industries.

Founded by Ananda Prawira, Arip Tirta, Ghufron Mustaqim, Iqbal Muslimin, and Jauhari Khairul Kawistara, Evermos employs between 501 and 1000 people. The platform connects resellers to brands and consumers, focusing on halal products across various categories such as fashion, food, and cosmetics.

How Much Funding Has Evermos Raised?

1. Series A
   • Amount Raised: $8.3M
   • Date: December 2019
   • Lead Investors: Jungle Ventures
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To scale operations and expand market reach.
2. Series B
   • Amount Raised: $30M
   • Date: September 2021
   • Lead Investors: UOB Venture
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To enhance technology and increase product offerings.
3. Series C
   • Amount Raised: $39M
   • Date: May 2023
   • Lead Investors: International Finance Corporation
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To fuel business expansion, particularly in Sumatera and Java, and to support local brands in reaching Tier 2 and Tier 3 cities.
4. Venture Round
   • Amount Raised: Not publicly disclosed
   • Date: January 2024
   • Lead Investors: Ascent Venture Group, Uni-President Asset Holdings
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To scale operations and expand market reach.

Total Amount Raised: $77.3M

Current Valuation: Not publicly disclosed

Key Investors

• International Finance Corporation (IFC)
  • Details: A member of the World Bank group, focusing on private sector development in developing countries.
  • Investment Focus Areas: Infrastructure, manufacturing, agribusiness.
  • Notable Investments: Not publicly disclosed.
• UOB Venture
  • Details: A venture capital firm that is part of the United Overseas Bank Group, investing in high-growth companies in Asia.
  • Investment Focus Areas: Technology, healthcare, financial services.
  • Notable Investments: Not publicly disclosed.
• Endeavor Indonesia
  • Details: Part of the global Endeavor network, supporting high-impact entrepreneurs.
  • Investment Focus Areas: Technology, consumer goods, education.
  • Notable Investments: Not publicly disclosed.
• Jungle Ventures
  • Details: A Singapore-based venture capital firm investing in early to growth-stage companies in Southeast Asia and India.
  • Investment Focus Areas: E-commerce, fintech, SaaS.
  • Notable Investments: Not publicly disclosed.
• Uni-President Asset Holdings
  • Details: A major investment firm with a diverse portfolio, focusing on strategic investments in various sectors.
  • Investment Focus Areas: Not publicly disclosed.
  • Notable Investments: Not publicly disclosed.

What's Next for Evermos?

Evermos stands on the brink of significant growth, with opportunities to expand its social commerce platform across Sumatera and Java. The $39 million Series C funding will enable the company to enhance digital and financial inclusion for MSMEs, a sector that makes up 99.9% of businesses in Indonesia. This expansion could potentially transform the economic landscape of Tier 2 and Tier 3 cities.

Future fundraising seems promising as Evermos continues to attract global investors. The company's focus on leveraging AI-powered tools and digital advertising for resellers positions it well for further investment rounds. However, challenges such as logistical issues and competition in the e-commerce sector remain. Navigating these hurdles will be crucial for sustainable growth.

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