Investing made easy
- 500-backed robo-advisor platform Bibit announced it has raised US$65 million in a funding round. Earlier this year, it closed US$30 million in its Series A round.
- Bibit plans to develop and launch new products, expand its team, and invest in financial education and awareness among young people.
- Bibit was launched in 2019 by Stockbit, a stock market social community platform for investors and traders. Bibit’s robo-advisory services are designed to make the process easier for first-time investors and millennial investors, which make up 90% of its over 1 million users.
- According to the Indonesian Stock Exchange (IDX), the number of mutual fund investors in the country grew 78% year-on-year in 2020 to 3.2 million, with millennials accounting for 92% of new investors. In the first quarter of 2021, another 1 million new mutual fund investors entered the market.
- Read the full article on TechCrunch here.
Building blocks of the future
- 500-backed proptech startup MHub signed two Memorandums of Understanding (MoU) with construction technology (contech) companies, property, and logistics solution provider MES Group, and cloud-based construction software company Speedbrick Solutions.
- This strategic partnership aims to increase efficiency in the real estate sector. According to the press release, the main takeaway for both the companies and consumers will be the boosts in productivity, reduced costs, and an overall more systematic workflow in the property transaction process. Speedbrick shared it expects 100% accurate automated reports to aid decision-makers, helping companies save up to 133 hours per month.
- Under this agreement, the three firms also plan to cross-sell each others’ core products.
- Read the full announcement on MHub here.
Big support for small businesses
- ‘A fair economy for all’ — that is 500-backed e-commerce unicorn Bukalapak’s ethos. An interview with CEO Rachmat Kaimuddin shed some light on how it has been contributing to the growth of Indonesian SMEs.
- Rachmat believes that one of Bukalapak’s key distinguishing features is its grassroots level support from MSMEs across over 142 cities, with a strong user base in non-Tier One cities in Indonesia.
- Via Mitra Bukalapak, the startup partners up with small, family-owned businesses in Indonesia. It has established six million partners in 477 cities and regencies across Indonesia within the past four years.
- There’s also Buka Pengadaan, a B2B e-procurement line, through which SMEs are empowered to become suppliers for large businesses. Last year, it launched Buka Investasi Bersama (BIB), a digital-based mutual fund selling agent, the first mutual fund of its kind.
- Read the full interview on APAC Outlook here.
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500 Startups is a venture capital firm on a mission to discover and back the world’s most talented entrepreneurs, help them create successful companies at scale, and build thriving global ecosystems. In Southeast Asia, 500 Startups invests through the pioneering 500 Southeast Asia family of funds. The 500 Southeast Asia funds have backed over 240 companies across multiple sectors from internet to consumer to deep technology. It continues to connect founders with capital, expertise and powerful regional and global networks to help them succeed.
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