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Mandiri Capital leads Indonesian SaaS startup Kecilin’s $4m funding

Indonesian Software-as-a-Service (SaaS) startup Kecilin has raised $4 million in a pre-Series A funding round led by corporate venture capital (CVC) firm PT Mandiri Capital Indonesia (MCI). Other investors such as Provident Growth, BNI Ventures, and Arkana also participated in the funding, according to an announcement on Wednesday.

Christopher Farrel, Chief Technology Officer and founder of Kecilin, said the company will use the funding to create new products. “Support from investors can help us expand the business. We are also committed to keep developing products so that we can add value to customers in Indonesia,” Farrel said in the statement.

“In 2023, Kecilin aims to tap more new users through development of new products and use cases. In the next three years, we will add more products and expand markets outside Indonesia,” Farrel added.

Founded in 2018 by Farrel and Bisma Manda Samsu, Kecilin develops algorithms that can do data compression for video, images, document, and text without decreasing the quality. The Kecilin solution is very beneficial for small and medium enterprises (SMEs) and big corporations in reducing their bandwidth costs and speed up the process of saving and transferring data.

“The development of the digital economy increases the need for saving and transferring data by big corporations, which can create room for opportunities for SaaS companies. We believe Kecilin can be the market leader in the industry and can help small and big companies to reduce bandwidth costs,” said Dennis Pratistha, Chief Investment Officer at Mandiri Capital Indonesia.

Kecilin is one of the startups that joined MCI Xponent Batch 2 in March 2023. It signed an agreement with Bank Mandiri Group to support digital banking activities in Bank Mandiri.

MCI is the corporate venture capital arm of Indonesian state-owned lender Bank Mandiri. Since 2016, MCI has invested in over 25 startups spanning many verticals, including open banking, agritech, aquatech, P2P lending, digital identity, payment solution, and MSME-tech solution.

MCI is the first CVC owned by a state lender in Indonesia. BRI, also a state lender, launched its CVC arm BRI Ventures in 2019. Currently, BRI Ventures has 18 portfolio companies across fintech and non-fintech sectors.



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