Manuva, an Indonesian startup helping SME manufacturers produce ready-made, custom-made packaging and semi-branded goods, has secured US$8 million in new funding.
Singapore-based VC firm Tin Men Capital joined the round with US$3 million, with the balance coming from other undisclosed investors.
Manuva plans to expand its business with the new funds by adding biodegradable packaging and exploring the semi-branded goods vertical.
It is also pursuing a distribution expansion strategy to reach the islands of Java, Bali, Sumatra, and several major cities across Indonesia.
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Founded in 2018 by Anggara Pranaspati, Raffisal Damanhuri, and Hasandi Patriawan, Manuva (formerly Tjetak) provides merchants and online sellers with various types of packaging, from cardboard and snack boxes to paper bags and plastic cups. Through more than 100 manufacturing partners, Manuva is producing more than 300 different packaging SKUs under its six private label brands for more than 7,000 retailers and 100 enterprise customers.
The startup also provides modern digitisation tools that enable players in their ecosystem to improve their logistics, procurement, inventory and sales processes.
“Over the past few years, Manuva has demonstrated substantial growth while achieving sound unit economics, which is a mindset that both our teams share,” Tin Men Capital Co-Founder Murli Ravi said.
In addition to financial backing, Tin Men Capital has been collaborating closely with Manuva, offering strategic advisory services and fostering opportunities to bolster Manuva’s growth and expansion efforts.
Before this funding round, Manuva had secured an undisclosed sum in a Series A fundraising led by Vertex Ventures and a seed funding round from angels.
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Image credit: Manuva
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