Indonesia-based investment app developer Bibit has received $30m from investors including EV Growth, a joint venture between internet company Yahoo Japan, conglomerate Sinar Mas and venture capital firm East Ventures, DealStreetAsia reported yesterday.
VC firm Sequoia Capital India led the round, which was also backed by existing investors including East Ventures, AC Ventures and 500 Startups.
Bibit has developed a robo-adviser aimed at first-time investors, allowing users to invest their money free of commission charges. The platform was acquired by share trading platform developer Stockbit in February 2019 before being relaunched later that year.
Sigit Kouwagam, Bibit’s chief executive, said the platform had secured more than 1 million registrations during the past year, while East Ventures co-founder and managing partner Willson Cuaca said both Stockbit and Bibit had been positively impacted during the covid-19 pandemic.
Cuaca added: “This new round will push Stockbit to grow further and cement their position as the leading platform in Indonesia.”
Stockbit received an undisclosed amount of seed capital from Ideosource in 2015 and an undisclosed amount of pre-series A funding from 500 Startups two years later.
In May 2019, Stockbit raised an undisclosed amount in a series A round led by East Ventures, with participation from marketing technology producer Freakout Holdings, 500 Startups, Ideosource, Convergence Ventures, Braavos Ventures and several angel investors.