Evermos Announces Over 427 Billion Rupiah Series B Funding, Social Commerce Is in Its Peak
This round was led by UOB Venture Management with the participation of MDI Ventures, Telkomsel Mitra Innovation, Future Shape, Jungle Ventures and Shunwei Capital.
Social commerce startup Evermos has announced its series B funding of $30 million or the equivalent of 427.3 billion Rupiah. This round was led by UOB Venture Management through the Asia Impact Investment Fund II. Several other investors involved include MDI Ventures, Telkomsel Mitra Innovation, Future Shape, and supported by previous investors, including Jungle Ventures and Shunwei Capital.
The fresh funds will be used to strengthen the leadership team, expand and develop technology. We previously reported the Evermos series B round since August 2021, including the participation of 2 Telkom Group's CVCs.
"Our vision is to empower one million micro-entrepreneurs in the next five years. One of the main factors influencing the way we do business is by measuring the sustainability and social impact of our platform," Evermos' Co-Founder & President, Arip Tirta said.
He also said that the company's income has been mostly supported by individuals and SMEs in tier-2 and 3 cities. In order to strengthen its presence in the area, they are currently running a pilot program "Evermos Village", involving nearly 100 villages. In this program, less productive local residents are empowered to become reseller partners -- including being trained on entrepreneurial principles.
Evermos social commerce concept
Was founded in November 2018 by Arip, Ghufron Mustaqim, Iqbal Muslimin, and Ilham Taufiq; Evermos has acquired around 100 thousand active resellers in 500 cities. They partner with more than 500 brands with 90% of them coming from curated local SMEs.
The products offered are mostly Muslim clothing commodities, halal health/beauty products, food and beverages, and others -- most of them prioritize halal products. From a business perspective, they claim to have grown up to 60 times in the last two years.
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