Evermos’ founding team (l to r): Arip Tirta, Ghufron Mustaqim, Iqbal Muslimin and Ilham Taufiq. Image Credits: Evermos
Evermos is an Indonesian social commerce startup with two goals: to let people earn extra income by opening online stores without spending capital and to help small brands grow into household names.
The company, which focuses on halal products and other items for Muslim customers, announced today it has raised a $30 million Series B, led by UOB Venture Management’s Asia Impact Investment Fund II. Other participants included IFC, MDI Ventures, Telkomsel Mitra Innovation (TMI) and Future Shape, along with returning investors Jungle Ventures and Shunwei Capital.
The funding will be used on hiring, enhancing Evermos’ recommendation engine and other AI-based tech, and entering new regions in Indonesia. The company says it currently has 100,000 active resellers in more than 500 Tier 2 and Tier 3 cities, mostly in Java. Its goal is to reach more than one million resellers throughout Indonesia over the next five years.
On the supply side, Evermos works with more than 500 brands, primarily small Indonesian businesses, and sells fashion, halal health and beauty products, and food and beverages. The company says its total transaction volume has increased by more than 60 times over the last two years.
Evermos was founded in November 2018 by Ghufron Mustaqim, Iqbal Muslimin, Ilham Taufiq and Arip Tirta. Mustaqim told TechCrunch that the team was motivated by its dissatisfaction with many retail practices in Indonesia. For example, this includes multiple layers of distribution that hike up prices and the proliferation of fake products online, which makes many people wary of buying from e-commerce marketplaces.
“We’re trying to solve these problems by innovating with the social commerce model, so resellers can help customers pick the right products in a more efficient way,” Mustaqim said.
Dr. Bilal Philips