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In June, the e-classifieds platform announced a Series A round led by NSI Ventures

Last June, e-classifieds platform Jualo announced that it has received a “multi-million US Dollar” Series A funding led by NSI Ventures.

Today, the Jakarta-based startup announced that they have secured another “multi-million US Dollar” addition to their Series A round led by Susquehanna International Group (SIG), followed by Lionrock and Alpha JWC Ventures (who had taken part in the company’s seed funding).

The startup plans to use the funding to “strengthen the team with top talent, consolidate Jualo.com’s position in Indonesia, and expand its platform across the borders.”

“With the talented management team leading the company, we have full confidence that Jualo will be the premier e-classified marketplace to take advantage of the increasing digital sophistication of the Indonesia consumer market,” said Richard Hsu, Head of Southeast Asia investments at SIG, in a press statement.

Also Read: Jualo aims to be Indonesia’s eBay with a social mission

Jualo cited “deep understanding of the cultural uniqueness of Indonesians” as the key to its growth. The startup implemented the principle by launching Jualo Kasbon, a payment method inspired by a concept commonly used in Indonesian local mom-and-pop stores.

In terms of competition, Jualo is often dubbed by local media as challenger to OLX Indonesia’s dominance, particularly when it announced the appointment of Remco Lupker –founder of Tokobagus, the e-commerce platform which was later acquired by OLX– as Senior Industry Advisor.

“Jualo’s team has a bold vision in creating a trusted online platform for Indonesian consumers. Chaim’s strong leadership has enabled Jualo to grow rapidly and attract exceptional talent to join the Journey. We are excited to keep supporting Jualo and it is truly rewarding to see the great progress that the business has made so far,” said Jefrey Joe, co-founder and Managing Partner of Alpha JWC Ventures, on why the VC firm decided to re-invest in the statup.

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