[Funding alert] Amazon founder Jeff Bezos invests in SaaS startup Lummo
With this funding, the startup aims to provide Shopify-like direct to consumer (D2C) software-as-a-service (SaaS) solution for entrepreneurs and brands.
Jeff Bezos, founder of Amazon, has invested in Lummo, a direct-to-consumer (D2C) Software-as-a-Service (SaaS) startup that provides a Shopify-like solution, based out of Indonesia. The funding was made through his personal investment firm, Bezos Expedition.
Bezos joined the latest Series C investment round of approximately $80 million, together with Tiger Global and Sequoia Capital India.
Bezos' participation in this funding round aims to strengthen Lummo’s ambition to accelerate the business growth of entrepreneurs and brands in Indonesia and the rest of Southeast Asia.
“We are honoured to have Jeff Bezos' support in this Series C investment round as we prime our business for exponential growth over the coming months and years. The investment will strengthen Lummo’s efforts to further build on our direct-to-consumer product offerings and deliver greater value to entrepreneurs and businesses in Indonesia. We hope to accelerate their business growth and maximise operational efficiency using our SaaS model,” said Krishnan Menon, CEO and Founder of Lummo.
“Backing of this scale underlines our belief that Indonesia and Southeast Asia are emerging as the next great destinations for tech investment.”
Lummo’s flagship product, LummoSHOP, helps entrepreneurs and brands with analytics and retargeting capabilities to drive repeat orders using their customer’s records and purchase history. Other robust features include chat commerce, catalog integration, custom domains and websites, multi-platform management, personalised features for branding, among others.
With the multiple platform management feature, entrepreneurs and brands will be able to use the software-as-a-service to manage all their customer orders from multiple shopping platforms, making LummoSHOP the one place from where they can manage all their online commerce operations. The service will also help them create their own official customised website, giving them the power to build their own unique brand and identity.
Globally renowned for his commitment to customer service and as a pioneer of ecommerce, Jeff Bezos is a believer in building lasting businesses. Lummo’s D2C model reflects this as it offers entrepreneurs and brands the opportunity to build robust long-term competitive businesses.
“We find that Indonesian entrepreneurs are ambitious and growth-oriented, focusing on building their own local brands. Hence, we have developed LummoSHOP as a D2C SaaS stack that shines the spotlight on entrepreneurs and brands, enabling them to discover all possibilities to accelerate their business. It is a business model that seems to be working as evidenced by LummoSHOP’s GMV growing eleven times over the period December 2020 to December 2021,” says Krishnan.
Edited by Megha Reddy