Indonesian social commerce startup Super completes $70m oversubscribed Series C round
Super, an Indonesian social commerce platform serving tier-2 and tier-3 cities and Indonesian rural areas, announced it completed a $70 million oversubscribed Series C round led by NEA with additional investment from Insignia Ventures Partners, SoftBank Ventures Asia, DST Global Partners, Amasia, B Capital, TNB Aura, the Chairman of Bain Capital Stephen Pagliuca, the Former General Partner of Kleiner Perkins Eric Feng's Goldhouse, and Xendit CEO Moses Lo. The startup has raised $106 million to date, making Super the most funded Indonesian social commerce company to date.
Steven Wongsoredjo, CEO and Co-founder, Super: "Indonesia's tier-2, tier-3 cities, and rural area's GDP per capita are 3-5 times lower than Jakarta, yet the cost of consumer goods is higher by 20-200%. In fact, more than 30% of Indonesia's GDP came from East Java, Kalimantan, and East Indonesia. Super is going after a huge untapped market; thus, we will deploy this investment to enable equitable access for people in Kalimantan, Bali, West Nusa Tenggara, East Nusa Tenggara, Maluku, and Papua over the next few years. We will help more multinational, and provincial FMCG suppliers tap into new markets in rural areas and empower more community leaders to optimize their income and have a better quality of life."
Founded in 2018, Super leverages a hyperlocal logistics platform to deliver consumer goods to thousands of agents within 24 hours of the order time. Super partners with thousands of community agents such as individuals and warungs to aggregate and distribute millions of US dollars' worth of goods to their communities each month. Super currently operates across 30 cities in East Java and South Sulawesi, mainly targeting the area that has a GDP per capita that is $5000 or lower.
Gisella Tjoanda, Head of Strategy and Business Development, Super: "As Super is entering its 4th year in business, we understand the importance of data collection and analysis as one of the keys to success in launching new SKUs. Therefore, we are going to expand our engineering team to improve Super's warehouse management system by implementing machine learning to help Super better utilize data to expand its SKUs in the future."
Super has successfully launched two private-label brands that have realized product-market fit and will invest a portion of their new capital towards developing additional FMCG private-label brands in the next several years. In addition, the startup plans to use the new fund to launch cosmetics products, as the desire for this segment is rising across Indonesia. As Super grows its products, services, and experiences continuously, it will launch a feature for community agents to track end-consumer transactions to help community agents offer better-tailored experiences for the end customers.
Andrew Schoen, Partner, NEA: "We are thrilled to back the whole Super team. Super is positioned to improve the lives of the 260 million Indonesians who reside outside of Indonesia's capital city. Super is going to continuously improve access to basic goods, create meaningful and rewarding jobs, and streamline supply chains for Indonesia's tier-2, tier-3, and rural regions."