Indonesia-based investment app, MAKMUR, has secured a seven-digit seed funding round, led by BEENEXT, with participation from Kinesys Group, Trihill Capital, and notable angel investors including Yiping Goh (Quest Ventures’ partner), Edward Tirtanata (Kopi Kenangan’s CEO), Vidit Agrawal (GajiGesa’s CEO), and Andrew Lee (former unicorn executive). MAKMUR will use the capital to expand its features and product portfolio, as well as to hire new talented individuals and people development.
MAKMUR is a technology-based investment app that allows users to set their financial goals and reach them through long term investing. Similar to Betterment in the U.S., it has goal-based investing feature so users can easily invest towards multiple goals, such as emergency fund, retirement fund, and children’s education fund with the ease of using just one app.
The app also provides a Robo Advisory feature that adapts to users’ risk tolerance, as well as investment horizon, and prevailing economic conditions. This proprietary dynamic asset allocation technology helps users invest optimally regardless of whether the market is bullish or bearish.
Financial advisory are often available only for high-net worth investors. However, MAKMUR digitizes and democratizes such services to be completely accessible and affordable for all Indonesian citizens.
Sander Parawira, founder and CEO of MAKMUR, pointed out, “Many people think that investing in mutual funds is difficult, in which they have to go through a complicated account opening process and prepare a large amount of capital. Supported by OCR (Optical Character Recognition) and face recognition technology, we offer an exceptional account opening experience that is simple and swift. It only takes five minutes to complete the account opening process, with an initial capital starting from IDR 10,000 (USD 0.70) and no transaction fee.”
Faiz Rahman, BEENEXT’s partner, added “We are witnessing a new revolution in Indonesia where mass market come to realize the importance of investing. MAKMUR enables retail investors to do prudent long-term investing to build wealth sustainably. We are very excited about MAKMUR and we look forward to having a long-term partnership with MAKMUR as we believe in their mission to make investing easier, cheaper, and more sustainable for Indonesians.”
MAKMUR App to help build a robust inclusive financial ecosystem in Indonesia
MAKMUR app is the brainchild of Sander Parawira, a Stanford University’s graduate, formerly the Head of Quantitative Strategies of Wall Street’ leading quantitative trading firm, Virtu Financial. Prior to Virtu, Sander was a Software Engineer at Facebook.
Sander built the app with the aim to improve financial literacy and inclusions among Indonesian citizens. “Indonesia’s capital market investor has experienced a significant growth, however, the number of investors today in Indonesia is still fewer than 2% of the population. Following the seed funding round, we are hoping to bridge the financial inclusion gap while improving financial literacy across the country.”
Ever since the company obtained official license from Otoritas Jasa Keuangan (OJK) in February 2021, it has partnered with ten leading investment managers. They include Avrist Asset Management, Bahana TCW Investment Management, BNI Asset Management, Capital Asset Management, Eastspring Investment, FWD Asset Management, Principal Asset Management, RHB Asset Management, Syailendra Capital, and Trimegah Asset Management.
MAKMUR app is available on both Play Store and App Store for Android users and iOS users respectively. For further information, please visit https://www.makmur.id
MAKMUR is a start-up that provides technology-based investment app to help Indonesians plan their financial goals and invest for the long term easily, safely, and sustainably. All investment plans are designed by experienced investment professionals based on quantitative research and big data. MAKMUR is established by a former Head of Quantitative Strategies at Virtu Financial, a leading quantitative trading firm in Wall Street and an ex Facebook Software Engineer. The team has a cumulative 30 years experience in the investment and technology space in reputable companies such as IndoPremier, Traveloka, and IBM and are graduates from the best universities in the world such as Stanford University, UC Berkeley, Columbia University, and Purdue University.
BEENEXT is a Venture Capital fund managed by serial entrepreneurs that focuses on assisting founders with its operational experience, network, trust, unique perspectives, and the capital. The team invests in early-stage tech start-ups that are focused on building the new digital platforms driven by the data network. BEENEXT aims to establish a platform of founders, by the founders and for the founders across the globe, primarily in South East Asia, India and Japan. Since its establishment in 2015, the team has invested in over 200 companies globally.
SOURCE PT Inovasi Finansial Teknologi (MAKMUR)
NFX’s New $450M Fund For Pre-Seed & Seed
As published on NFX Website
Here’s what might be interesting for Founders to know about our new fund.
1. At $450M, NFX’s Fund III is the largest fund exclusively dedicated to pre-seed & seed startups.
2. Your success at pre-seed and seed is our only business. We are not a multi-stage VC. Everything about NFX is designed to help pre-seed and seed companies win.
3. We’re your first investor. We lead deals. We typically invest between $500K and $5M and have capital to follow on and support you through your company’s life.
4. Founders come first. We partner with world-class founders and support them with everything we’ve got.
5. NFX excels at helping you raise your next round. We have software and systems to make that happen, and we’re grateful to have most of the world’s leading later-stage investors in our tribe.
8. We are Founder-first, because we were Founders first. We founded and exited 10 companies worth over $10B combined. We’ve walked in your shoes.
10. We’re #1 at building network effects into startups. Network effects account for 70% of the value creation in tech. That’s why we named our firm NFX.
11. Our NFX team is 45 people. We bring levels of support to seed-stage teams that are usually seen only at multi-stage firms.
12. The NFX Guild gives our Founders and their teams unfair advantages. We create insider playbooks and masterclasses for our Guild for recruiting, PR, culture, branding, fundraising, go-to-market, board management, and more.
We invest across all industries, and we are particularly focused on businesses with network effects and in these sectors: crypto, marketplaces, techbio, games, fintech, and proptech. We invest in the U.S., Israel, Latam, and Europe.
For NFX, a big new fund is simply the rocket fuel that lets us work with exceptional Founders. Building the future is the point.
Spices Export Startup Agricorp International Raises $17.5 Million
Agricorp International, Nigerian based spices producing, processing, and exporting company has raised $17.5 million in Series A funding to increase its processing capacity up to 7000 metric tonnes. This fund was raised from Vami Nigeria, One Capital LLC and AFEX. Nigerian-based Vami led the funding round with $11.5 million in equity, while the other investors provided working capital financing for the company. Ernst & Young (Nigeria) served as transaction advisers while Elisio Law Office and Pavestone Legal served as legal advisers.
Founded in 2018 by Kenneth Obiajulu and Wale Omotimirin, Agricorp is contributing to meeting the growing demand of spices as an export material. Data from Nigeria’s Ministry of Agriculture shows that despite being the third highest exporter of ginger globally, Nigeria’s ginger production is put at 31 million MT while demand is put at 65 million MT, leaving a gap of 34 million MT. While Nigeria accounts for more than 16% of the global production of ginger, it gets less than 4% of the export market share.
Kenneth Obiajulu, Agricorp’s CEO said, “We believe that by increasing our capacity to 7,000MT, we will maximise the potentials to boost Nigeria’s forex earnings through export, contribute our quota to improving the Nigerian GDP from agriculture, and serve as a worthy model to African youths who aspire to be agribusiness owners. We want to show them it is possible and very rewarding as well”.
According to lead investors, Vami Nigeria, “we led the round because we saw a clear growth path, strong social impact, excellent financial trajectory, and global collaborations with key partners. Most importantly, the depth of knowledge, passion, and resilience of the team is unrivaled.
Samirah Ade-Adebiyi, Managing Director at AFEX, said “our other businesses have transacted with Agricorp on several occasions and have seen the business grow over time. Now, we are committed to providing the working capital they require to scale their operations at any level”.
It will take a bold approach to put Nigeria on the global export radar by leveraging investments to build simple processing systems for spices and other agro products. Agricorp aims to be that bold company standing at the forefront of enhancing global food systems.
Shimmer Announces $2M Seed Funding Led by VoLo Earth Ventures
Shimmer Industries, Inc., an end-to-end software and firmware platform that automates the design, development and deployment of large-scale lighting projects by reducing the typical project lifecycle by thousands of hours, announced today that it is raising $2 million in seed funding led by VoLo Earth Ventures, an early-stage VC investing in the new energy economy through innovative products and technologies.
Shimmer redesigns light as software, connecting billions of lighting devices and providing a data platform that captures insights and helps building owners and managers cut their costs and energy consumption by up to 85% when compared to current systems.
Shimmer’s flagship product, Stellar 3D Studio, is recognized by lighting designers, architects and engineers for pioneering a “radical shift” in how complex lighting systems are planned, prototyped, and deployed. Shimmer’s products can reduce a typical lighting project lifecycle by thousands of hours. Commercial lighting is a $105 billion industry including the rapidly growing smart lighting segment (18% CAGR thru 2030) driven by a massive upgrade cycle to meet new energy code compliance demands in-line with smart infrastructure. To ensure compliance with energy and green building regulations, Shimmer generates minute-by-minute energy consumption models that span up to one million LEDs, reducing energy usage by up to 85% while significantly lowering carbon emissions.
As Kareem Dabbagh, Managing Partner of VoLo Earth Ventures points out, “Shimmer redesigns light as software, connecting billions of lighting devices and providing a data platform that captures insights and helps building owners and managers cut their costs and energy consumption by up to 85% when compared to current systems.” Joseph Goodman, PhD, Managing Partner at VoLo Earth Ventures, adds, “Our optimism about solving climate change comes from our belief in innovation. Conditions have never been clearer for backing energy breakthroughs like Shimmer that use the power of software to illuminate a sustainable future.” Jean Koeppel, CEO of Shimmer, remarks, “Our collaboration with VoLo Earth will accelerate our ability to deploy Shimmer-enabled environments at scale through the use of software automation to dramatically lower energy and operating costs. We are truly excited to be partners.”
The first Shimmer-designed commercial installation will be unveiled this fall at London’s iconic Southbank Tower. Other Shimmer-based projects are in various stages of the planning and development pipeline at leading architectural and lighting design firms worldwide.
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