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kindrik partners advises indonesian startup shoplinks on US$900k seed round
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Our Southeast Asia team has advised Shoplinks, an Indonesian FMCG precision marketing platform, on its recent US$900,000 seed round. The round was led by Cocoon Capital and the Indonesian Women Empowerment Fund.
Shoplinks offers FMCG brands a marketing platform that distributes personalised coupons to shoppers through both online and offline channels in Indonesia. Founded in 2019 by serial entrepreneurs Teresa Condicion and JD Lee, the company aims to create a solution for brands that optimises their promotional budgets and reduces wasted budget from lack of personalisation of coupons to shoppers. In Indonesia, the lack of digitalisation in mom-and-pop stores and supermarkets often made it difficult for brands to effectively reach their customers, a situation that was compounded with the Covid-19 pandemic. Today, Shoplinks partners with brands such as Proctor & Gamble, Unilever, and Johnson & Johnson, processing thousands of coupon redemptions every month.
With its new round of funding, the company intends to increase its market presence in Indonesia before expanding into other Southeast Asian markets. The funds will also be used to grow its team and invest in product development.
Partner Lee Bagshaw says of the deal, “Indonesia’s online and offline retail opportunity is one of the largest in the world and is ripe for digital disruption. We look forward with interest at how Shoplinks will use their latest round of funding to accelerate digital transformation in the region.”
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Kindrik Partners advised VC firm Illuminate Financial on its investment in Singapore-based AI-driven data processing and automation company bluesheets. Illuminate led the US$6.5 million series A round. Other returning investors included Insignia Ventures Partners, Antler Elevate, and 1982 Ventures.
Illuminate invests in B2B fintech and enterprise software companies that build solutions for the financial services industry. Backed by global financial institutions such as Citi, JP Morgan, Barclays, Jefferies, Singapore Exchange Group, and BNY Mellon, Illuminate uses its extensive network and industry knowledge to help their portfolio companies achieve their full potential in addition to providing capital.
bluesheets offers AI-driven data processing and workflow automation software that helps businesses digitise and automate their bookkeeping processes. It plans to use the funds to further enhance its AI capabilities and accelerate growth in key APAC markets, including Singapore, Thailand, ANZ, and Hong Kong.
We’re happy to have advised Singapore-based synthetic data company Betterdata on an oversubscribed seed round of $1.65 million, led by Investible.
The company was founded in 2021 by Dr. Uzair Javaid and Kevin Yee and allows clients to share data faster and more securely in compliance with stricter data privacy regulations being introduced around the world. Betterdata uses generative AI to convert real data into synthetic data that looks, feels, and behaves like real datasets. These synthetic datasets retain the structure and correlations of the original data while eliminating the privacy and security concerns that come with holding and sharing sensitive data.
Betterdata plans to use the funding to publicly launch its product, hire more staff as the company scales, and improve its technology stack, with the aim of providing support for single-table, multi-table, and time-series datasets. The company also plans to expand across the Asia-Pacific region over the next two years.
