SINGAPORE (May 13): Lifestyle omnichannel retailer Iuiga Technologies (Iuiga) has announced the official launch of its Series A funds on Wednesday.
Indonesian conglomerate Konimex Group's technology subsidiary, Konimex Technologies (or PT Konimex Sinergi Multitek) led the launch with a $10 million funding quantum.
The funds will be used for several avenues including expanding Iuiga’s business model across Southeast Asian markets. It will also be used in big data and artificial intelligence (AI) to better integrate Iuiga’s customers into its multi-platform experience, as well as expanding Iuiga’s physical footprint to fulfil a growing demand.
The funds will also go into partnering like-minded investors to bring product transparency directly to consumers.
"Our latest funding highlights the untapped opportunities abound within the Indonesian markets. More pertinently, we've been very discriminating in finding partner investors in IUIGA,” says Jaslyn Chan, Iuiga’s Chief Growth Officer.
“This funding by Konimex Technologies represents our stance on ensuring we partner influential businesses in the region that aligns with our values and best practices,” she adds.
"We’re working to build one of the world’s most impactful brands, and we’ve always taken a long-term view to our investments," says Edward Setiawan Joesoef, Director at PT Konimex Sinergi Multitek.
Since the launch of Iuiga in 2017, the brand has grown twelve times in gross market value and launched nine physical stores island-wide in Singapore.
“Most immediately, we're intending to grow our Indonesian operations, with the target of doubling the office's headcount in the coming 6 months. Indonesia's potential is immense, with its burgeoning tech-savvy demographics. We want to be right in the action and unlock the economic potential in growth by 2025," Chan concluded.
