‘Super’ Social Commerce Platform Receives Series C Funding of More Than 1 Trillion Rupiah
Social commerce startup Super announced a series C funding round of $70 million (over 1 trillion Rupiah) led by New Enterprise Associates (NEA), a Silicon Valley-based VC.
Other participating investors include Insignia Ventures Partners, SoftBank Ventures Asia, DST Global Partners, Amasia, B Capital, and TNB Aura.
Furthermore, a number of angle investors were also involved, including Stephen Pagliuca (Chairman of Bain Capital), Eric Feng (former General Partner of Kleiner Perkins and Gold House), and Moses Lo (CEO of Xendit).
It is said that the total funds obtained by Super so far have reached $ 106 million (more than 1.5 trillion Rupiah) since it was first established. It is claimed that this figure is the highest for the social commerce vertical in Indonesia.
This latest round comes just over a year after Super secured a $28 million Series B funding led by SoftBank Ventures Asia.
In an official statement delivered today (2/6), Super Co-founder and CEO Steven Wongsoredjo said the company will use this fresh fund to continue its mission of equal access for people in Kalimantan, Bali, West Nusa Tenggara, East Nusa Tenggara, Maluku, and Papua in the next few years.
One way is to focus on regional expansion for multinational and local FMCG suppliers in rural areas. At the same time, empowering more community leaders to optimize their income to have a better quality of life.
“GDP per capita in tier two and third cities is 3-5 times lower than Jakarta. However, the cost of consumer goods is higher by 20-200%. In fact, more than 30% of Indonesia’s GDP comes from East Java, Kalimantan and East Indonesia. Super is chasing a huge untapped market,” said Steven.
NEA partner Andrew Schoen added, “We are thrilled to be able to support the entire Super team. Our company is positioned to improve the lives of the 260 million Indonesians living outside the Indonesian capital.”
“Super will continue to improve access to basic goods, create meaningful and rewarding jobs, and streamline supply chains for tier-2, tier-3 and rural areas of Indonesia.”
Super’s Next Plan
Super Head of Strategy and Business Development Gisella Tjoanda said, in his fourth year, Super understands the importance of data collection and analysis as one of the keys to success in launching new SKUs.
Therefore, his party will expand the engineer team to improve the warehouse management system. “By applying machine learning, we can help Super make better use of data to expand its SKUs in the future,” he said.
Currently, Super has successfully launched two private-label brands to realize product-market fit. The company will reinvest some of their new capital to develop additional private-label FMCG brands in the next few years.
In addition, launching cosmetic products because of the increasing market demand for this segment throughout Indonesia.
Features for Community Agents
To continue its mission of being a sustainable company, Super will launch a feature for community agents to track end consumer transactions to help community agents offer better designed experiences for end customers.
Super was pioneered in 2018, bringing differentiation that utilizes a hyperlocal logistics platform to deliver consumer goods to thousands of agents within 24 hours of ordering.
Super partners with thousands of community agents such as individuals and stalls to collect and distribute millions of dollars worth of goods to their communities each month.
It is claimed that Super currently operates in 30 cities in East Java and South Sulawesi, primarily targeting areas with a GDP per capita of $5,000 or lower.
Super in April 2021 then pocketed Series B funding worth US $ 28 million (approximately IDR 404 billion) led by SoftBank Ventures Asia. The fresh funds were allocated to strengthen its business network in East Java and expand eastern Indonesia.