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[Weekly Updates] Gojek Acquires Moka; Funding Updates From Northstar Group, Modalku, Fore Coffee; and More

We deliver weekly update about tech startup in Indonesia

Amir Karimuddin - 27 April 2020

Although no official statement yet, it’s reported that Gojek has acquired Moka for around $130 million. Furthermore, Northstar Group has completed first round of its Northstar V fund, Fore Coffee secures additional $1 million investment, and Modalku receives $40 million.

In other news, Bizzy has initiated TokoSmart Agent network to widen its customer base. The company is no longer put its focus on B2B marketplace.

Gojek Wraps Up Acquisition of Moka at 2 Trillion Rupiah Valuation

The acquisition of Moka by Gojek finally comes to an agreement, widely rumoured since Agustus 2019. The company has submitted corporate action to the regulator (KPPU) as of April 9th, 2020.

Bloomberg reported that Moka has been acquired by Gojek at $130 million or around 2 trillion Rupiah.

Northstar Group Secures First Round of Its Fifth Fund, Targeting 12.5 Trillion Rupiah

Northstar Group has just announced the first round of Northstar Equity Partner V Limited Fund (Northstar V). The fifth fund is focused on early-stage to growth-stage startups in Southeast Asia, esp. Indonesia.

The first round has represented one third of Northstar V target at $800 million or equivalent to 12.5 trillion Rupiah. Included into the investor’s list are sovereign wealth funds, insurance companies, institutional investors, family offices, and other high net-worth individuals.

Fore Coffee’s Expansion Plan After Raising 147 Billion Rupiah Funding

After raising a $9.5 million or around 147 billion Rupiah funding, Fore Coffee looks for more opportunity to expand and added more outlets. It has expanded its business to Bandung, Surabaya, and Medan. Fore Coffee claims to have profitable sales with increasing team numbers.

Fore’s Co-Founder, Elisa Suteja, told DailySocial that the company has achieved business growth phase after closing the Series A funding in April 2019 with additional $1 million secured early this year.

Modalku’s Parent Company to Proceed with Series C Funding Worth Over 625 Billion Rupiah

Modalku’s parent company, Funding Societies, raises series C funding worth of $40 million (over 625 billion Rupiah). Modalku’s CEO, Reynold Wijaya, said the fresh money will be distributed to support all aspects of the company’s strategies, including to empower Indonesia’s SMEs.

Internally, the company conducts streamline operations to improve efficiency and simplify the operational process. This process includes a small number of layoffs.

Bizzy Adapts to Consumer’s Behavior, Introducing Tokosmart Agent

Since January 2019, Tokosmart has launched an initiative  to support the digitisation of micro, small and medium enterprises (MSMEs). Tokosmart has acquired 54,600 stores and more than 27,000 distribution companies in Indonesia.

To push Tokosmart’s further effectiveness, Bizzy has developed Tokosmart Agent, a new beta feature that was launched last week. Tokosmart Agent directly targets end-user and community leader segments, like RT or RW leaders in the local area. They can order large quantities of supplies to be distributed to residents in their homes.

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