GiftCard Indonesia Receives $2 Million of Series A Funding
Amir Karimuddin - 16 January 2015
GiftCard Indonesia has announced it receives $2 million Series A funding from group of investors, led by U.S. based Sovereign's Capital. The other investors joining this round are Lippo Digital Ventures, Sinar Mas Digital Ventures (SMDV), and RMK Ventures. Fund received will be utilized to further accelerate GCI's growth, including entering B2C market.
GCI was founded in 2012 under PT Aksi Visitama and recently launched TaDa! card which can used for multiple purposes, as a voucher, for electronics, and for travel purposes. The group also owns Fokado, which focus on premium gift market. CGI received new boost, after serial entrepreneur Ronald Ishak, previously involved in Domikado, Doku, and Tasterous, joined the company as CTO.
GCI's Founder Antonius Taufan in the press release said, “Our mission is to provide end-to-end solutions for the gift card ecosystem in Indonesia and expand through growth opportunities by adding new products and services in the gifting industry. This Series A round gives us the means to move forward with our strategy and the realization of our goals.”
This year, GCI will continue its regional expansion plan and recruiting best talents in technology and marketing. The company currently has more than 100 corporate clients, including Astra International, Reckitt Benckiser, BRI Prioritas, AXA Mandiri, Allianz, Fuji Xerox, NET Media TV, Acer, Toluna Hongkong Ltd., and Grass Roots Singapore.
Luke Roush, Managing Principal for Sovereign’s Capital, said, “We are excited to partner with GCI, as we believe strongly in the company’s leadership and the value that each investor brings to the table. Our firm invests in outstanding leaders who have demonstrated market traction pursuing sizable growth opportunities. This is a sector that has grown globally, and is just reaching an inflection point in Indonesia. The prepaid segment is still quite under-developed, and GCI is poised to drive development through the use of technology and strong local market awareness."
“The Indonesian digital ecosystem has reached critical mass and Lippo is excited to be partnering with GCI. We intend to pull together our retail synergies across Hypermart, Matahari, Lippo Malls and other businesses to accelerate growth and solidify GCI’s market dominance,” Steve Patuwo of Lippo Digital Ventures added.