Bababos, an Indonesian raw material procurement startup, recently raised USD 3 million from Singapore-based East Ventures – the lead investor in the funding round – plus Indonesia-based Patamar Capital and US-based Accion Venture Lab. Bababos helps small and medium-sized enterprises (SMEs) in the manufacturing sector to procure materials such as chemicals, metals, and plastics, including by performing “demand aggregation and [offering] flexible payment terms.” Among the future plans of the firm, which is active in Greater Jakarta and the city of Surabaya, is to develop a digital payment system.
Fajar Adiwidodo, co-founder and CEO of Bababos, added, “We are optimistic about the market potential as we witness a significant demand increase from SME manufacturers until the end of Q3. We aspire to sharpen our partnership strategy with suppliers with the aim of providing the highest quality raw material at the best prices.”
Since its launch in 2022, Bababos has worked with 400 manufacturers. The company’s goal is to increase this number to 1,000 by the end of 2023.
East Ventures, which has offices in Japan and Singapore, invests in firms during their seed to growth stages. Founded in 2009, East Ventures has assets valued at USD 1 billion invested in 678 companies and has completed 53 exists as of August 2023.
By Pranav Agarwal, Research Associate
Sources and Additional Resources
East Ventures press release on Bababos
https://east.vc/press-release/bababos-secured-us3-million-in-seed-funding-round-led-by-east-ventures/
Bababos homepage
https://www.bababos.com/
East Ventures homepage
https://east.vc/
CB Insights profile on East Ventures
https://www.cbinsights.com/investor/east-ventures
Patamar Capital homepage
https://patamar.com/
Accion Venture Lab
https://www.accion.org/how-we-work/invest/accion-venture-lab
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