Incubator Ardent Capital Raises USD12.7M to Develop SEA’s Fragmented E-commerce Market

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.

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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.