Jakarta-based online classified platform Jualo has secured ‘multi-million US dollar’ investment in the second tranche of its Series A round of funding, led by Susquehanna International Group (SIG).
Lionrock Capital and existing investor Alpha JWC Ventures also co-invested.
Last June, Jualo had raised a ‘multi-million US dollar’ in the the first tranche of Series A, led by NSI Ventures.
The startup plans to use the funding to “strengthen the team with top talent, consolidate Jualo.com’s position in Indonesia, and expand its platform across the borders”.
“With the talented management team leading the company, we have full confidence that Jualo will be the premier e-classified marketplace to take advantage of the increasing digital sophistication of the Indonesia consumer market,” said Richard Hsu, Head of Southeast Asia investments at SIG, in a press statement.
Jualo was founded in 2014 by Chaim Fetter (CEO) and his Dutch childhood friend. In the past, Chaim worked at the Peduli Anak Foundation, a project Jualo’s founders created in 2005 on the remote Indonesian island of Lombok. The Foundation currently provides shelter, healthcare and education to over 400 impoverished children.
Jualo cited “deep understanding of the cultural uniqueness of Indonesians” as the key to its growth. The startup has launched Jualo Kasbon, a payment method inspired by a concept commonly used in Indonesian local mom-and-pop stores.
Jualo competes with OLX in Indonesia.
“Jualo’s team has a bold vision in creating a trusted online platform for Indonesian consumers. Chaim’s strong leadership has enabled Jualo to grow rapidly and attract exceptional talent to join the Journey. We are excited to keep supporting Jualo and it is truly rewarding to see the great progress that the business has made so far,” said Jefrey Joe, Co-founder and Managing Partner of Alpha JWC Ventures, on why the VC firm decided to re-invest in the statup.
In an e-mail to e27, Fetter explained more about the company’s plan for international expansion.
“Yes, we will soon launch in other emerging markets across Southeast Asia where we have worked before. We are confident that the same bottom-up approach will work there as well,” he wrote.