Super Raises $70 Million In Series C Funding from NEA, TNB Aura, and other Investors
Indonesian social commerce platform Super raised $70 million in a Series C funding round led by U.S. based investor New Enterprise Associates (NEA), according to an announcement on Thursday. The startup, which serves serves tier-2 and tier-3 cities and Indonesian rural areas, also has the round supported by 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.
“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,” Steven Wongsoredjo, CEO and Co-Founder of Super said in a statement.
Super uses its logistics platform to deliver consumer goods to its agents within 24 hours. It partners with agents such as individuals and warungs (small shops) to distribute goods to their communities and currently is operating in 30 cities in East Java and South Sulawesi, focusing on an area that has a per capita GDP of $5,000 or less.
“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,” Wongsoredjo said.
The startup also has launched two private-label brands and will invest a portion of the fund from the new investment to develops additional FMCG private-label brands. It also plans to launch its own cosmetics products.
The startup that founded in 2018 has raised a total $106 million of investment, making it the most funded Indonesian social commerce company to date. It’s backed by notable investors such as SoftBank, DST Global Partners, Y-Combinator Continuity Fund, B Capital, the World Bank Managing Director Mari Elka Pangestu, Jay-Z's Arrive, and the owner of Boston Celtics.
Super co-founders Debeasinta Budiman and Garret Koeswandi are on the Forbes 30 Under 30 Asia 2022 list.