Jeff Bezos’ investment firm joins Ula’s funding round

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Bezos Expeditions, the investment firm of Amazon founder Jeff Bezos, who invested in Airbnb and Uber, is among the investors participating in Indonesian e-commerce startup Ula’s $ 87 million funding round.

The fundraising round was led by B-Capital, Tencent and Prosus Ventures of Eduardo Saverin, while funds focused on Southeast Asia under Northstar Group, AC Ventures and Citius also participated in the fundraiser. .

Existing investors Lightspeed India, Sequoia Capital India, Quona Capital and Alter Global also participated in the Series B round of funding. The latest round brought Ula’s fundraising to $ 117.5 million to date, a declared the start-up in an e-mail.

Serving small traditional distribution

“Our primary mission of supporting traditional retailers is particularly relevant during the pandemic. We are deliberately increasing our presence, selection and services in rural areas and hard-to-reach neighborhoods, ”said Ula Co-Founder and Commercial Director Derry Sakti.

Ula was founded just before the pandemic in 2020 to improve traditional mom and pop stores, known locally as ‘warung’, with technology to improve the efficiency of their merchandise purchases and increase their margins. operating.

The start-up claims that within 20 months of its inception, it currently serves more than 70,000 retail stores across Indonesia, connecting them to more than 6,000 consumer products on its platform.

“With Ula, they no longer have to worry about procurement, product availability or even payments, allowing them to focus on other important things,” said Derry,

Read more: Fidelity and B Capital funding values ​​Facebook-backed Meesho at $ 5 billion

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