Evermos Announces Series B Funding, Commerce Business Expands
Social commerce startup Evermos announced that it has closed 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 also supported by previous investors, namely Jungle Ventures and Shunwei Capital.
The fresh funds raised will be used to strengthen the leadership team, expand and develop the technology. We previously reported the news of the Evermos series B round since August 2021, including the involvement of 2 CVCs belonging to the Telkom group.
“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,” said Evermos Co-Founder & President Arip Tirta.
He also said that so far the company’s income has been mostly supported by individuals and SMEs in tier-2 and 3 cities. To strengthen its presence in the area, they are currently running a pilot program “Evermos Village”, involving nearly 100 villages.
In this program, local residents who are still less productive are empowered to become reseller partners, including being trained on entrepreneurial principles.
Evermos Social Commerce Concept
Since it was founded in November 2018 by Arip, Ghufron Mustaqim, Iqbal Muslimin, and Ilham Taufiq; Currently Evermos has 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 provided are mostly Muslim clothing commodities, halal health/beauty products, food and beverages, and others — most of them prioritize halal products.
From a business perspective, in the last two years, they claim to have grown up to 60 times. The Evermos application facilitates people who want to become resellers.
These users can then sell the products in the application to their network, via WhatsApp or social media. There is a profit-sharing or reward applied.
Evermos itself, in addition to providing products, also helps in terms of logistics management, customer support, and technology.
Evermos Co-Founder & Deputy CEO Ghufron Mustaqim stated that the basis of his business philosophy is ‘Economy Gotong Royong’, prioritizing collaborative economic empowerment.
Through the existing reseller network, Evermos wants to be a means for local SMEs to grow their business, on the other hand, will generate additional income for resellers.
Enter Forbes Asia 100 to Watch
Evermos, a social commerce platform for economic empowerment from Indonesia, is included in the Forbes Asia 100 to Watch list, a new company in the Asia Pacific that can make changes and grow rapidly during the pandemic.
“We are grateful that Evermos was selected in the Forbes Asia 100 to Watch, this proves that we are on the right track to make a positive social impact for Indonesia and the world,” said Evermos CEO, Iqbal Muslimin, in a written statement Friday (27/8/2021).
Forbes awards Evermos selected from 900 candidate companies in Asia-Pacific. In the selection process, Forbes Asia invited accelerators, incubators, associations of small and medium enterprises (SMEs), universities, and venture capitalists, to nominate companies.
In Indonesia, only eight startup companies can enter this list. As a platform that upholds the mutual cooperation economic philosophy, Evermos is committed to providing opportunities, access and training for individuals, MSMEs, and villages to achieve financial independence.
Evermos allows individuals (resellers) to sell local products to their network via Whatsapp or social media. Resellers will focus on finding consumers and selling products, while Evermos will manage inventory, logistics, customer support and technology for resellers.
Evermos is noted to have empowered more than 100,000 resellers in Indonesia who earn commissions from sales, by connecting with more than 500 MSMEs whose products are ready to be sold.