Social Commerce Startups Untouched by Funding Winter

Super, an Indonesian social commerce startup, managed to raise US$70 million in a Series C funding round, as per the company's announcement. New Enterprise Associates (NEA) led the funding round and was supported by Insignia Ventures Partners, SoftBank Ventures Asia, DST Global Partners, Amasia, B Capital, TNB Aura, Goldhouse, Bain Capital Chairman Stephen Pagliuca, and Xendit CEO Moses Lo. Therefore, since its inception in 2018, Super has secured up to US$106 million.

Previously, Super raised US$28 million in a Series B funding round in April 2021. Steven Wongsoredjo, Super co-founder and CEO, revealed that the company would use the money to expand to Kalimantan, Bali, West Nusa Tenggara, East Nusa Tenggara, Maluku, and Papua in the next few years. Steven said that the expansion was triggered by the fact that the gross domestic product (GDP) figures of Indonesia's tier 2, tier 3 cities, and rural areas are three to five times lower than Jakarta, but the cost of consumer goods is higher by 20-200 percent higher due to inefficient supply chains.

More than 30 percent of Indonesia's GDP comes from East Java, Kalimantan, and East Indonesia, making them potential sources of income for fast-moving consumer goods (FMCG). By streamlining the supply chain and giving the FMCG brand an easier way to reach consumers in rural areas, Super can also lower the cost of goods.