Singaporean homewares retailer Iuiga has received SG$10 million (US$7 million) in Series A funding from Indonesian conglomerate Konimex.
The funds will largely be used to enable Iuiga to boost operations within the Indonesian market, where it will be doubling its workforce over the coming six months and increasing its number of physical stores to meet growing omnichannel demand.
Funds will also go towards product development, Big Data and AI to support the firm’s e-commerce and customer personalisation capacity.
“Indonesia’s potential is immense with its burgeoning tech-savvy demographics,” said Iuiga’s chief growth officer Jaslyn Chan. “We want to be right in the action and unlock the economic potential in growth by 2025.
“In particular, we’re observing a noticeable sensibility within the Indonesian consumer market; consumer preferences are evolving where brand affinity is now pegged towards how one’s personal values align with a brand’s broader values and mission”.
Iuiga currently operates nine stores within Singapore.