Maison leads round for Sino-Indonesia e-commerce site

Another domestic PE firm, Founder Danen Ventures, also took part in the round.

The company was established by Chinese entrepreneur Longhua Xu, previously an executive at TCL Corporation. He started the business in Indonesia in 2010 with traditional retail stores under the Vivan and Robot brands, focusing on selling 3C digital products (computer, communication, and consumer electronics) imported from China. The company now has a network of more than 14,000 outlets nationwide.

In 2014, a B2B-focused e-commerce platform was launched with a view to connecting Chinese brands – mainly 3C digital products and lifestyle consumer goods – with more than 10,000 Indonesian retailers. Grouping together small merchants online, Wook buys in bulk at discount prices from Chinese manufacturers. Hundreds of Chinese brands such as DJI, Inmotin, Airwheel, Huntkey and Orico supply products through Wook.

Since its launch, Wook has raised two rounds of funding. In November 2014, it received a RMB30 million Series A round from Chinese investors such as Danen Ventures, Heima Capital, Resource Investment, and Welight Capital. The latter was founded by former Tencent Holding CEO Xiaoguang Wu. The company then completed an extended Series A round in 2015.

The new funding will be used to expand into new product categories, build local sales and marketing teams in Indonesia, and expand its offline stores under the Wook Shop brand through a franchise model, according to a statement.

Shenzhen-based Maison Capital started in the renminbi fund space in 2004, focusing on early to growth-stage consumer companies. The firm is currently raising its debut US dollar fund, with a target of $200 million.

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• Topics
• Greater China
• Southeast Asia
• Consumer
• Technology
• Early-stage
• China
• Indonesia
• TMT
• Maison Capital