#Asia Jualo announces Series A funding led by NSI Ventures

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The online marketplace for secondhand goods aims to compete with OLX

Shane Chesson, Partner of NSI Ventures (left) with Chaim Fetter, Founder of Jualo

Shane Chesson, Partner of NSI Ventures (left) with Chaim Fetter, Founder of Jualo

Jakarta-based online C2C marketplace for secondhand goods Jualo today announced that it has received ‘multi-million US Dollar’ Series A funding led by NSI Ventures. Alpha JWC Ventures, who had participated in a seed round for the startup, also took part in this round.

The startup plans to use the funding to expand its operations to Southeast Asia, acquire talent and develop product.

It also aims to secure market leadership in Indonesia’s highly competitive market for secondhand goods trading, currently dominated by OLX, within the next 18 months.

“There are three things that we are looking for in a company. One, a strong and passionate team. Two, a product that solves a big, fundamental problem. Third, we focus on Series A and B investment to help grow traction … Those are the three things that we find in Jualo,” explained Shane Chesson, Partner at NSI Ventures.

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Apart from its Series A funding, Jualo also took the opportunity to announce its new joint account feature, Jualo Escrow. The system will automatically inform vendors when users transfer payment to the account, and will transfer the payment to vendors once the product is received by the users.

The feature was developed in order to ensure security for both users and vendors.

“We conducted market research when we were developing Jualo … One of the concerns that users have are trust issues. Users would pay only if they have received their purchases, while vendors would send the goods only if they have received the payment,” explained Chaim Fetter, Founder of Jualo.

Jualo was founded in 2014 by Fetter and his childhood friends. With a team of 15 employees, the startup claims to have secured more than 2 million monthly active users and displayed 500,000 active listings. It boasts features such as Home Delivery and Geo Search.

Apart from Jualo, Fetter is also known as the Founder of non-profit organisation Peduli Anak Foundation in Lombok Island, West Nusa Tenggara province. The foundation is funded through proceeds earned by Jualo.

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