Amazon founder Jeff Bezos took part in a US$87 million Series B funding round recently closed by Indonesia-based startup Ula. This marks Bezos’ first-ever investment in Southeast Asia’s e-commerce sector.
The round was co-led by Prosus Ventures, Tencent, and B-Capital and drew participation from Bezos Expeditions, Northstar group, AC Ventures and Citius, Ula indicated in a press release published on Monday.
A look into Ula’s previous funding rounds showed a US$10.5 million seed round closed in June 2020 and another US$20 million Series A round closed in January this year.
The startup provides real-time technology solutions to small merchants and is looking to expand its locationsto include more cities in what is unarguably Southeast Asia’s biggest economy.
The firm is also looking to explore international expansion across the region, as well as further improve its buy-now-pay-later offering. It also plans to develop a reliable local supply chain and logistics infrastructure.
As of today, Ula’s platform is home to over 70,000 traditional stores, with over 6,000 different productsavailable.
The startup also welcomed Pandu Sjahrir to its team as an adviser. Sjahrir currently holds commissioner roles at the Indonesia Stock Exchange, ride-hailing giant Gojek, and the domestic arm of Singapore’s Sea Ltd.
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