Incubator & investor in Southeast Asia, Ardent Capital has received USD 12.7 million funding from Indonesian conglomerate Sinarmas with an aim to develop and unite Southeast Asia’s fragmented e-commerce market along with other businesses.
The firm is expected to use the raised funds to ramp up operations in Indonesia for aCommerce, the firm’s flagship in-house startup including warehousing, shipment logistics, order processing, payment processing, and marketing, reports Tech in Asia.
“We’ve realized in the past year that the biggest market in Southeast Asia is Indonesia – not today, but tomorrow absolutely,” Ardent Captial’s CEO Adrian Vanzyl said. “Sinarmas has a large local carrier, with over 30 million active subscribers, most of which are on smartphones. [Meanwhile,] everything we do [at Ardent] touches on consumers at some end. So if we can get a mobile partner that can get our product directly in front of their 30 million subscribers – whether in the form of an app download or a marketing campaign.”
Bangkok-based Ardent Capital invests in early-stage technology companies across Southeast Asia and recently raised an undisclosed amount in Series A round. It is backed by 4 investors and made investment in 4 companies, till now. The firm is a venture of Co-founder & CEO Adrian Vanzyl and Founder & Chairman Paul Srivorakul.
“The opportunity to aggressively go into Indonesia with a really committed partner something you dream of. For us, this is an accelerator way beyond anything we could have done on our own,” says Vanzyl.