JAKARTA (TheInsiderStories) — StickEarn, a leading Indonesian offline-to-online advertising technology company, has closed Series A round of funding of US$5.5 Million, said the management today (10/15). The round is co-led by East Ventures and SMDV, together with Grab, OVO, and Agaeti Ventures.
“With this round of funding, we look to hire the best talents in the industry to make further improvements and develop new products, further strengthening the relationship between agencies and StickEarn to satisfy the growing needs of our clients.” said Archie Carlson, the co-founder in an official statement.
Then, Willson Cuaca, managing partner of East Ventures says, “This investment is the proof of our confidence that StickEarn will be able to fulfill its mission in revolutionizing the OOH advertising industry in Indonesia”
While, Jason Thompson, CEO OVO, adds “Indonesia is blessed with a vibrant community of entrepreneurs that are stimulating the emerging affluent middle economy and financial inclusion. StickEarn’s commitment to driving innovative digital marketing and high impact signage has helped project OVO to market leadership.”
Started in 2017, StickEarn aims to revolutionize the advertising industry by running the first measurable out-of-home advertising. The company has now expanded and planted its roots into several verticals such as transportation advertising, outdoor advertising, indoor advertising, and smart retail.
Within two and a half years, the digital company has worked with over 300 clients and brands and its revenue has grown by more than 300 percent. To date, StickEarn has expanded operationally to 31 cities across Indonesia.
The startup offers various advertising options such as StickMob (Car), StickMotor (Motorbike), StickBus (Bus), StickAngkot (Angkot), StickPlane (Aeroplane), and StickMart (In-car retail). Last month also saw StickEarn launch its latest product- StickTron, a 3-sided advertising LED Truck that drives specific routes within the city.
StickEarn founded by Archie Carlson, Sugito Alim, Hartanto Alim, and Garry Limanata in Jakarta. While, East Ventures is an early-stage venture fund focused on Southeast Asia and Japan.
Over several years, East Ventures has invested in hundreds of companies in Indonesia, Singapore, Japan, Malaysia, Vietnam, and Thailand. The majority of East Ventures’ portfolio firms have been able to raise follow-on financing rounds.
So far, the Southeast Asian venture capital firm has closed its sixth fund at $75 million, with support by prominent startup founders helping to surpass the fund’ initial $30 million targets. With the new fund, the firm cemented its commitment to continuously support the Indonesian startup ecosystem.
Those investors include Facebook co-founder Eduardo Saverin, Alibaba co-founder Eddy Wu, Meituan-Dianping chief executive Wang Xing, Dianping founder Zhang Tao, and Razer Inc co-founder Kaling Lim. Institutional investors include Temasek, the Singapore government-owned investment firm, Pavilion Capital and Adams Street Partners. The prominent family-controlled Sinarmas, Triputra and Emtek groups also joined in.
“We are overwhelmed by the support given by our investors and decided to expand, but hard limit, the fund to $75 million. We could have raised more but we wanted to maintain certain disciplines in this euphoria era. We saw more money than good startups,” said Cuaca
With the new funds, the firm cemented its commitment to continuously support the Southeast Asian startup ecosystem, particularly Indonesia. Leveraging on its local expertise, the firm will stay bullish to provide Seed to Series A funding for startups from all sectors and industries.
East Ventures had previously invested in South-east Asian unicorns Traveloka, Tokopedia, Grab, Gojek, and ShopBack. It was recently named by Preqin as one of the world’s most consistently top-performing venture capital fund managers based on fund returns as at the third quarter of 2018. Its biggest exit was from online-to-offline startup Kudo, which Grabs acquired in a deal reportedly worth more than $100 million.
The participation to the sixth fund has been driven by the success of the previous 3 funds with 30 notable exits including Disdus’ exit to US-based Groupon back in early 2011 that happened after just less than 1 year of investment. In 2017, East Ventures-backed companies were acquired by two Southeast Asian unicorns Grab acquired Kudo and Go-Jek acquired Loket.
In 2018, a successful SaaS company merger and acquisition happened through Sleekr acquisition to Jurnal and Talenta, which are both East Ventures’ portfolios. In 2019, another East Ventures’ portfolio company Bridestory was acquired by Indonesia based unicorn Tokopedia.
Established a decade ago, East Ventures is the venture capital (VC) pioneer in Indonesia managed by Cuaca, Batara Eto, and Taiga Matsuyama. It is the most consistent top performing VC fund managers in the world according to the latest Preqin’ report and is the only Southeast Asian firm to have all three funds ranked in Preqin’s top quartile featured alongside four other VCs globally.
To date, the company has invested in over 160 startups with more than $4 billion follow-on round that is channeled to Indonesia and organically contributed to Indonesia digital infrastructure foundation. Last year, the firm also cemented its commitment to continuously support its portfolio companies and to build the digital infrastructure of Indonesia with the launching of its $200 million joint growth fund, EV Growth.
Through the sixth fund, East Ventures has invested in multiple new verticals: SME inclusion, new retail, fintech, news and media, healthcare, supply chain, and digital transformation. This includes investment into Wahyoo, Stockbit, AllSome Fulfillment, Katadata, Cicil, Mekari, Kedai Sayur, Advotics, The FIT Company, Nalagenetics.
According to a report from Google and Temasek, Indonesia has the largest internet user base in Southeast Asia with 150 million users and the largest internet economy in the region with $27 billion in 2018. It is also the fastest growing with 49 percent CAGR from 2015 to 2018 and is poised to grow to $100 billion by 2025.
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