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The round of financing was led by Lightspeed Ventures. Other investors participating in the round of funding were Golden Gate Ventures, Sequoia Surge, Alto Partners, and Kinesys Group
FREMONT, CA: Chilibeli, an Indonesia-based social commerce platform that connects manufacturers and farmers to bring fresh and quality products at affordable prices, raised US$10 million from a venture round of financing. The round of financing was led by Lightspeed Ventures. Other investors participating in the round of funding were Golden Gate Ventures, Sequoia Surge, Alto Partners, and Kinesys Group.
The company plans to use the fund to strengthen Depok, Jakarta, and Tangerang Selatan's networks of communities. The company will also expand its reach to Bekasi and Bogor. Chilibeli plans to continue to improve its UX and UI of its applications, while also facilitating the Depok's warehouse, according to the company.
Chilibeli was launched in July 2019 by Alex Feng, Damon Yue, and Matt Li. Chilibeli works to empower its agents or partners, whom it calls Chilibeli Mitras, most of whom are housewives. It gives them the opportunity to create value for consumers, increase their household income, and promote community bonding.
"The Chilibeli team is tapping into into something that other platforms to date haven't been able to successfully leverage: the trusted social circle," said Justin Hall, a partner at Golden Gate Ventures.
Chilibeli witnessed a social opportunity in Indonesian housewives who are in control of household spending. The firm is looking for opportunities to trace its Mitra's aspirations by helping them to find another source of income to the families. Chilibeli benefits housewives by optimizing social networks amongst their communities and neighborhood through the most common household spending. Chelibeli does it by making the price of groceries more affordable compared to the price of the market daily.
Till today, the company said it has increased its revenues by 150 percent month-on-month growth and has created more than 300 direct jobs and thousands of indirect jobs for its Mitra Chilibeli in Indonesia.
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