GiftCard Indonesia Secures $2M in Funding from Syndicates of VC Funds

Gift Card Indonesia (GCI), the leading gifting company under PT Aksi Visitama, today announced that it has secured a $2 Million Series A funding round. The round was led by a syndicate of investors organized by US-based Sovereign’s Capital: It includes Lippo Digital Ventures, SMDV, and RMK Ventures. The funding round will accelerate the company’s aggressive growth and enable it to enter the consumer (B2C) market by providing the company with a distribution network and Gift Card processing system.

“Our mission is to provide end-to-end solutions for the gift card ecosystem in Indonesia and expand through growth opportunities by adding new products and services in the gifting industry,” said Antonius Taufan, Founder of GCI. “This Series A round gives us the means to move forward with our strategy and the realization of our goals.”

The funding will be used to further GCI’s continued regional expansion and increase its investment in its proprietary technology platform by hiring top-tier staff with strong technology and marketing backgrounds. GCI’s fundamentals – its products, its leadership, and its sustained growth – have put the company on the path to becoming a large independent company with a significant market footprint. The company now powers the gift and incentive programs of more than 100 corporate customers nationwide. Clients include global leaders such as Astra International, Reckitt Benckiser, BRI Prioritas, AXA Mandiri, Allianz, Fuji Xerox, NET Media TV, Acer, Toluna Hongkong Ltd., and Grass Roots Singapore.

“We are excited to partner with GCI, as we believe strongly in the company’s leadership and the value that each investor brings to the table. Our firm invests in outstanding leaders who have demonstrated market traction pursuing sizable growth opportunities. This is a sector that has grown globally, and is just reaching an inflection point in Indonesia. The prepaid segment is still quite under-developed, and GCI is poised to drive development through the use of technology and strong local market awareness,” said Luke Roush, Managing Principal for Sovereign’s Capital.

“The Indonesian digital ecosystem has reached critical mass and Lippo is excited to be partnering with GCI. We intend to pull together our retail synergies across Hypermart, Matahari, Lippo Malls and other businesses to accelerate growth and solidify GCI’s market dominance,” said Steve Patuwo of Lippo Digital Ventures.

GCI was launched in 2012 and has generated significant revenue to-date. The company’s first product,Fokado.com, is a premium gift experience that has the potential to bring corporations and individuals closer to the people they value. It ships nationwide and partners with more than 60 merchants in 15 of the largest cities in Indonesia. GCI recently launched the TaDa! Card which is a multi-purpose gift card that can be redeemed as a voucher, for electronics, and for travel through the ecommerce portal of www.giftcard.co.id.


About PT. Aksi Visitama

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PT. Aksi Visitama was established in 2012 after the founder, Antonius Taufan, graduated from the Founder Institute (fi.co). PT. Aksi Visitama operates bothgiftcard.co.id and Fokado.com as a way to help customers celebrate the wonder of giving and sharing. In 2014, the company was selected as an Endeavor Entrepreneur(endeavor.org) in New York.

About Sovereign’s Capital

Sovereign’s Capital (sovereignscapital.com) is a US-based venture fund focused on equity investments in IT, healthcare, and consumer products companies. The firm has a particular focus on the emerging middle class as a consumer demographic, and the firm is the first from the US to focus specifically on Indonesia and the ASEAN region more broadly. The firm has made 15 investments to-date and has investment partners living in both the US and Jakarta.

About Lippo Digital Ventures 

Lippo Digital Ventures is a multi-stage consumer focused venture capital fund investing in technology companies primarily in Indonesia and Southeast Asia. We aim to partner with and empower entrepreneurs to build leading and innovative businesses. Lippo Digital Ventures is an affiliate of the Lippo Group.

About SMDV 

SMDV partners with entrepreneurs building exceptional technology companies that aim to change the landscape in Indonesia and the region by providing venture investments, strategic network, and mentorship. Entrepreneur ourselves, we work to understand each company’s needs and contribute to their market leadership and culture building. We invest in different stages of the companies’ life cycle, primarily in their growth stage.