Bababos secures $2M seed funding

Indonesia's Bababos secures a solid $2M seed funding according to Singapore's Accounting and Corporate Regulatory Authority (ACRA) as reported by DealStreetAsia. This financial boost comes courtesy of East Ventures, a familiar partner to Bababos, and a new player, Patamar Capital. East Ventures has been a long-time supporter of Bababos, having facilitated their pre-seed round funding in March.

• Additional Funding? ACRA's records suggest an additional $1M could be on the way for Bababos. It's worth mentioning that the picture painted by ACRA's documents primarily mirrors equity funding received to date, and the overall funding round could potentially involve other financial mechanisms.

• What Do They Do? Bababos provides an innovative platform for SME manufacturers to source a variety of raw materials, from metals to polymers. By offering a single point of procurement, they eliminate the need for manufacturers to negotiate with multiple suppliers.

• Gains? As manufacturers benefit from this streamlined process, suppliers also gain new business relationships. This synergy enhances the efficiency of production and inventory planning for all parties involved.

• Goals? Led by co-founder and CEO, Fajar Adiwidodo, Bababos aims to revolutionize Indonesia's manufacturing industry with a clientele of more than 50 SME manufacturers and a monthly revenue growth rate exceeding 100%.

However, the situation for South-East Asia's startup scene experienced a steep 72% decline in deal count in August. Only 49 deals were sealed in the month, a significant fall from the 73 deals in July that raised a staggering $1.78B.