JAKARTA (TheInsiderStories) - Indonesia’ financial technology (FinTech) firm, Pluang, announced has raised pre-Series B funding US$20 million led by Openspace Ventures with participant Go Ventures and other returning investors. The company offer proprietary savings and investment products that allow users to make contributions starting from $0.50 cents.
The trading apps is amongst numerous Indonesian apps, consisting of Ajaib and Bibit, that have actually just recently raised funding. Earlier the investment arm of GoJek, also has took part in Pluang’ $3 million Series A, which closed in March 2019. The newest round will be utilized by the tech firm to establish exclusive monetary items to cover more property classes, consisting of government bonds.
Pluang‘ story begins in 2015 at Harvard Business School, where Claudia Kolonas and Richard Chua meet as classmates. During their studies, they realized that while Americans have unlimited opportunities to create wealth with access to a wide range of global financial assets and at very low costs Indonesians do not have the same opportunities.
Less than 0.2 percent of the 250 million population in Indonesia are investing. At a high cost, and a limited asset class. Both finally saw this as an opportunity to empower the millennial generation in Indonesia to create wealth through investment. Two years after graduating, Kolonas and Chua started Pluang.
In April 2020, Pluang has collaborated with GoJek launched GoInvestment product to make it easier for more than 10 million of the ride-hailing users to invest in gold. Then, collaborates with Bukalapak through the BukaEmas feature for users to buy gold in installments every month. And, in August 2020, with Dana launched a feature for saving and investing gold through the eMAS Fund.
While, Openspace has closed of Openspace Ventures III, L.P. on Feb. 26, 2021, with total subscriptions accepted at $200 million. The investment company now manages committed capital of $425 million across three funds.
The firm counts global institutional powerhouses such as Temasek Holding, StepStone Group and Sofina in its highly-regarded stable of repeat limited partners, which include sovereign wealth funds, pension funds, university endowments, and insurance companies.
Fund 3 saw the addition of several new global investors including European institutions DEG and Norfund, US-based 57 Stars, and Mizuho Bank from Japan. Established in 2014, the Singapore-based venture fund manager is a pioneer in the Southeast Asia region. It has a portfolio of 33 investments across key sectors including logistics, FinTech, AgTech, EdTech, HealthTech, CleanTech and B2B SaaS.
Selected leading companies invested at Series A by Openspace include Halodoc ( Indonesia), Kumu (Philippines), TaniHub (Indonesia), Finnomena (Thailand), FinAccel (Indonesia), GoJek, and Biofourmis (Singapore/United States). Even in the midst of COVID-19, Openspace’ companies raised more than $2 billion in capital in 2020, bringing total follow-on capital to $6.5 billion to date.
Written by Editorial Staff, Email: theinsiderstories@gmail.com
