[Weekly Updates] Bukalapak's Co-Founders Start Investing into Startups; Funding News From Qoala; and More

We deliver weekly update about tech startup in Indonesia

Amir Karimuddin - 4 May 2020

Two Bukalapak Co-Founders have initiated Init-6, a new venture capital in town. Its first investment is a seed funding for Eduka, an edtech company. Moreover, Qoala has bagged a $13.5 million Series A funding from a group of investors led by Centauri Fund, a new fund from MDI Ventures and Kookmin Bank Korea.

In other news, Stoqo is the latest startup to close its operation due to current situation. While Moka, recently acquired by Gojek, is committed to remain independent entity and embracing other platforms, including Gojek's competitors.

Achmad Zaky’s New Investment Firm Init-6, Debuts with Seed Funding for Eduka

Bukalapak’s Co-founder and Founding Partner Init-6, Achmad Zaky announced the new investment firm focused on investment to early-stage startups. Bukalapak’s Co-founder, Nugroho Herucahyono also participated as Partner after resigned as the CTO. Init-6 debuts with its first investment to the edtech platform Eduka.

Init-6 will focus on investing in early-stage startups without specific sector preferences

Qoala Bags 209 Billion Rupiah in Series A Funding

Qoala, an insurtech platform founded by Harshet Lunani and Tommy Martin, has secured Series A funding worth of $13.5 million or around 209 billion Rupiah. The current round is led by Centauri Fund.

Several new investors are also participated, including Sequoia India, Flourish Ventures, Kookmin Bank Investments, Mirae Asset Venture Investment, and Mirae Asset Sekuritas.

The company is to use fresh money to invest further in technology, HR and brands to support the company’s strategy in providing better services to customers, platform partners, and insurance companies. Qoala targets to employ 300 talents by the year 2021.

Stoqo’s Shutdown and Survival Strategy for B2B Commerce

Following the pandemic situation, Stoqo, a B2B commerce platform that provided fresh supplies for restaurant, has announced an operational shutdown. The company received Series A funding from Monk’s Hill Partners and Accel Partners India at the end of December 2018.

PHRI's Deputy Chairman for the Restaurant Emil Arifin estimates that the culinary business in Indonesia has loss around Rp2.5 trillion per month with 200,000 people losing their jobs.

Moka Remains an Open Platform Post Gojek Acquisition

Following recent acquisition by Gojek, Moka will continue to operate as an independent entity with the Gojek merchant ecosystem's integration. The ecosystem consists of GoBiz (the super app that houses GoFood), GoPay, and other services such as Midtrans and Spots.

Moka will remain an open platform and are very open to continuing collaboration with all partners. The company allows merchants to receive payments from variety of digital wallets, such as GoPay, Ovo, Dana, and others.

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