Tokopedia Receives Investment from East Ventures
Jakarta, 25 March 2010
Tokopedia today announced that East Ventures, a Singapore-based company focusing on Internet business ventures, has made an investment in Tokopedia in exchange for preferred stock.
Prior to that, in early 2009, Tokopedia has received seed funding from PT. Indonusa Dwitama to launch tokopedia.com in August 2009.
In just seven months of operation, the tokopedia.com website has become one of the fastest-growing online marketplace in Indonesia, based on the number of members, active online shops, available products and daily transactions. In such a short amount of time, the tokopedia.com website has grown to be the trusted online marketplace in Indonesia.
Pursuant to the agreement, both co-founders of Tokopedia, Leontinus Alpha Edison and William Tanuwijaya, will continue to lead and maintain full operational responsibility of Tokopedia.
East Ventures will join the board of directors and committee members of Tokopedia, along with Victor Fungkong and Yohana Fran from PT. Indonusa Dwitama.
“We consider this partnership a strategic alliance that will bring Tokopedia to the next level. In the last seven months, tokopedia.com has been a fast-growing startup and with this alliance, we hope for greater future prospects for Tokopedia,” said William Tanuwijaya, co-founder of Tokopedia.
Batara Eto, a partner in East Venture, added, ”As an investor in early-stage startups, we recognize huge potentials in the Indonesian Internet market. We are confident Tokopedia has the vision and execution ability to be an industry leader in the online marketplace business in Indonesia.”
Taiga Matsuyama, another partner in East Ventures, will hold the position of Strategic Advisor in Tokopedia.
PT. Tokopedia was founded on 6 February 2009 and subsequently launched tokopedia.com on 17 August 2009. Tokopedia aims to provide business opportunities for individuals and SMEs to establish online stores conveniently and to ensure comfortable and secure online transactions.
PT. Tokopedia is headquartered in South Jakarta, Indonesia.
About East Ventures
East Ventures is an investment company, specializing in early-stage investments in Internet start-up companies.
Based in Singapore, East Ventures was founded by 4 partners from diverse and complementary backgrounds, among whom are: Batara Eto, ex-CTO and co-founder of mixi.jp, the biggest social networking site in Japan; Taiga Matsuyama, an experienced investor who developed several Japanese internet companies, some of which were eventually acquired by Yahoo! Japan; Willson Cuaca, founder of Xsago, whose expertise covers mobile applications development; and Chandra Tjan, with experience in Finance, Marketing and Management.