Indonesian startup GoCement has successfully secured seed funding from Arise to accelerate product development of the B2B marketplace by onboarding large distributors into its platform, according to an announcement.
The current funding round will also be used to grow rapidly by leveraging Arise’s network of construction companies within Indonesia’s state-owned enterprise.
The seed funding from Arise is a collaboration fund between MDI Ventures and Finch Capital, MDI Ventures, BEENEXT, and Ideosource.
Founded in 2020, in the midst of the pandemic, GoCement is an Indonesia-based B2B marketplace that utilizes decentralized distribution in the construction and real estate industry.
Aldi Adrian Hartanto, Partner of Arise explained that Indonesia’s construction industry is dominated by several big players, similar to that of India, allowing players like Infra.Market to establish a network that helps smaller manufacturers grow their business and compete with more established companies.
“Likewise, GoCement shares the same vision to alleviate the over-capacity in this industry through digitalization and empowerment of all relevant stakeholders in Indonesia,” said Hartanto.
Faiz Rahman, Partner of BEENEXT, said that GoCement was founded with a mission to digitize and solve inefficiencies in the construction industry with technology.
“We are starting to witness digital adoption across key sectors in Indonesia, including construction which historically contributed strongly to Indonesia’s GDP,” Rahman said.
Edward Ismawan Chamdani, Partner of Ideosource, further added that they believe that GoCement will be the next big thing in the ConTech industry through digitalization of the supply chain; as such that the presence of GoCement will allow end-users to access high quality yet affordable products and get them delivered to less accessible areas even.
For years, Djonny Suwanto, CEO and Founder of GoCement, observed several significant problems in the construction industry, mainly driven by inefficient materials procurement and transporting low-value bulky items.
“GoCement is here to revolutionize the industry by bringing transparency and efficient building material procurement and equipment hires through its innovation & technology,” Suwanto said.