Openspace co-leads iSeller's $US8M Pre-Series B

Tania Lestari
October 14, 2021

Actively enabling digital business growth  

iSeller, a rapidly growing Indonesia-based commerce platform providing leading-edge e-commerce and payment solutions, has announced the completion of a US$8 million Pre-Series B round of financing, co-led by Openspace and AppWorks, with participation from Mandiri Capital Indonesia and Indogen Capital.

The financing round was driven by solid growth across e-commerce and payments processing solutions, with an over 300% year-on-year increase in the number of onboarded merchants and a corresponding increase in annual revenue. The grow this underpinned by iSeller’s steady stream of new product launches, effectively meeting customer needs through targeted products and services.

“We are thankful for the ongoing trust of our investors, who share our vision of accelerating the digital transformation of businesses in Indonesia. This investment enables us to keep delivering innovative and enhanced products, technology, and infrastructure to reach millions of MSMEs in Indonesia. We believe that more sellers will be able to achieve impressive growth through the iSeller platform,” said Jimmy Petrus, founder and CEO of iSeller.

Founded in 2017, iSeller is Indonesia’s leading digital business platform, offering an omnichannel solution with a fully integrated ecosystem for businesses to digitize sales and operations, including Point of Sale, inventory management, instant online stores, marketplace integration, and food delivery integration—helping sellers of all sizes and skills go digital.

Through its easy-to-use and comprehensive Point of Sale system, iSeller is now processing more than a million transactions per month across all channels. The payments business is being bolstered by the business’ fast-growing e-commerce enabler platform. iSeller is benefiting from n expected 91% increase in the sizeof the Indonesian e-commerce market, with more merchants striving to address changing consumer behavior accelerated by the pandemic, with most now shifting to online purchases for their daily needs. The number of new e-commerce businesses could increase by a further 40% in 2022

Building on its existing product suite, iSeller continues to introduce new products and services to empower Indonesian merchants of all sizes to sell anywhere, anytime—online, offline, and in marketplaces—under an overarching vision of becoming the super-app for merchants. This includes iSeller Go, a smartphone app enabling business owners to conduct transactions and manage their business online with ease; and Marketplace Integration, offering an effective solution for merchants to sell hassle-free on various marketplaces, such as Tokopedia, Lazada, Shopee, and the Grab ecosystem (GrabFood, GrabExpress). Already several hundred merchants are using the feature to solve pain points and increase operational efficiency.

With the new funds, iSeller plans to enable more merchants to start, run, and grow businesses more easily, manageably, and efficiently. It will achieve this by aggressively expanding its e-commerce solutions and offline presence to 50cities across Indonesia, building off the company’s current footprint in theGreater Jakarta Region (Jabodetabek), Bandung, Bali, Medan, Surabaya, andBatam. The company will establish partnerships with leading digital economy companies to provide a full suite of digital solutions for merchants operating across various sectors.

Recognizing WhatsApp as the country’s de facto channel for business communication, iSeller is now an official WhatsApp Business Partner in Indonesia, helping merchants achieve next-generation commerce integration, including social and chat commerce. Further innovations, including collaborations with Facebook, are also in the pipeline.

“We are very pleased to be able to support iSeller as they keep innovating in order to give businesses of all sizes the best platform to grow. We hope that the strategic support we are giving iSeller, including the active involvement of our wide-scale operations team, will continue to accelerate their ambition,” said Hian Goh, Partner at Openspace.

The iSeller platform is trusted by more than 60,000 business owners in Indonesia, including several well-established brands such as SOGO, OMNILUXE, MOI, Damn! I love Indonesia, IT Gallery, United Bike, Asuransi Sinarmas, MOVI, HMNS, ASHTA,Lemonilo, and Peripera.