In less than a year since announcing their US$1.9 million Series A led by East Ventures, Indonesia mobile point-of-sale (POS) startup MOKA today announced that it has raised another US$2 million of funding.
The round is led by Mandiri Capital with participation from existing investors Convergence Ventures, East Ventures, Fenox VC, and Northstar Group.
“We believe that Bank Mandiri’s vast network of small and medium enterprise (SME) merchants will benefit from our POS and payment solution. We look forward to working with Mandiri Capital to empower local businesses in Indonesia,” said MOKA CEO and Co-Founder Haryanto Tanjo.
In an e-mail to e27, Tanjo dubbed the investment as a strategic round and announced plans to leverage Bank Mandiri’s merchant database and sales distribution to offer their POS solution.
The Jakarta-based startup plans to use the fresh funding to “speed up” product development, with CTO and Co-Founder Grady Laksmono stating that they aim to attract the best talents to help the process.
Tanjo explained that the startup will offer vertical-specific features for F&B, retail, and services industries, though he cannot mention further details about the new features.
MOKA’s products consist of an Android and iOS mobile application used by cashiers and a web-based back office to enable SMEs to access real-time data on sales report, inventory, and customer feedback.
Though MOKA declined to comment on their target numbers for this year, it claimed to have secured 2,500 monthly paying merchants.
The startup’s SME clients are spread across F&B, retail (fashion, etc.) and services (barbershops, salons, spas, etc.) industries. More than half of them are based in Jakarta, with the rest operating in Bandung, Bali, Surabaya, and smaller Indonesian cities.
MOKA had also just launched a sales office in Jogjakarta this month.
“We acquire merchants through a mix of online and offline marketing. We have a strong sales team that gives product demo to merchants and a support or implementation team that on-board merchants,” Tanjo said.