Leading agent management platform, Ejen2u International Sdn Bhd which provides solutions that complete all levels of needs for entrepreneurs, today announced that it secured RM7 million in capital from renowned venture capital firms Gobi Partners and Artem Ventures as investors.
The investment, made possible through the Khazanah Nasional Bhd (Khazanah)-backed Gobi Dana Impak Ventures (GDIV) fund as part of the Future Malaysia Programme, will help accelerate Ejen2u’s future plans and upgrades. This includes diversifying their customer base, a hopeful expansion into the Indonesian market and an extension into a broader range of industries.
Ejen2u is a home-grown cloud-based platform for managing agents, providing a digital space for product owners and resellers of Malaysian micro, small, and medium enterprises (MSMEs) to oversee their reseller networks and businesses. Co-founded by Sheikh Ezaiddin, Imran Hadi, and Taufiq Zakir, the platform has also facilitated over US$115 million in sales since its inception in 2019.
Ejen2u Founder and CEO, Sheikh Ezaiddin said, “We view the investments from esteemed venture capital firms in Ejen2u as a strong endorsement of the significance of delivering digital solutions to entrepreneurs, particularly in today’s digital-centric landscape. We are deeply grateful for the trust and confidence our partners and customers have placed in us. With these investments, we are poised to make substantial strides towards realising our vision of empowering and fortifying our local entrepreneurs. Our commitment to their growth is unwavering, and these resources will enable us to extend our reach and support even more businesses in our community, ultimately contributing to a thriving local economy.”
As of 2023, Ejen2u has supported over 340,000 resellers across the country, serving more than 500 clients and empowering over 600 female leaders with digital support through their proprietary digital platforms, EjenGO and EjenVenture. Additionally, EjenVenture caters to large enterprises and brands to help them build their own reseller distribution channel. Apart from that, Ejen2u also provides entrepreneurship training to brands and their resellers through WEMAP.
A promising future for Malaysia’s home-grown entrepreneurs
MSMEs play a pivotal role in the Malaysian economy. According to data from the Malaysian Department of Statistics, these small businesses constitute a staggering 98.5% of all enterprises within the country, and they provide employment to nearly 70% of the nation’s workforce. Remarkably, in the year 2022, Malaysia’s MSMEs exhibited remarkable resilience and growth, with their GDP surging by an impressive 11.6%, outpacing the overall national GDP growth of 8.7%.
This indicates the growing significance of MSMEs in driving economic expansion within Malaysia. Furthermore, their contribution to the national GDP has also increased to 38.4 per cent, reflecting a notable increase from RM520.0 billion in 2021 to an impressive RM580.4 billion in value added.
Gobi Partners Managing Partner (Malaysia), Jamaludin Bujang said: “Ejen2u is a promising portfolio that we hold to be particularly valuable, especially in the increasingly digital future. By helping domestic SMEs reach their fullest capabilities, we’ll be able to see a wider effect ripple across our local economy, and become competitive on a regional, or even global, level.”
Artem Managing Partner, Low Zhen Hui, said: ”As an inclusive platform that empowers entrepreneurs and resellers to participate in the burgeoning social commerce industry, we believe Ejen2u plays a vital role in shaping the nation’s informal and small business economy. We aim to work with our partner FWD Group to bring financial inclusion to this often underserved community.”
Ejen2u aims to be the spearhead of reseller solutions in the Malaysian market and empower aspiring merchants, regardless of gender or social class by providing continued support and innumerable resources for success. Ejen2u also plans to further expand its product catalogue to different segments of the direct-to-consumer industry.
Amongst these offerings are:
- Jooal, a platform for dropshipping clients to sell products without upfront inventory costs;
- EjenStore, a new-and-improved online storefront and affiliate platform for agents;
- Ejen Fulfilment, Ejen2u’s in-house fulfilment services;
- EjenCare, an income protection plan structurally similar to Malaysia’s Social Security Organisation (SOCSO); and
- EjenCapital, Ejen2u’s solution to assist merchants and agents with inventory financing.
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Ejen2u is one of the leading tech startups that specialises in the reseller industry. Established in 2019, with remarkable achievements within our expertise, we have successfully helped the business expansion of more than 500 SMEs. We strive to become the only platform in Malaysia in providing a complete reseller ecosystem for the SME community and are committed to boosting the informal economy’s GDP.
About Gobi Partners
Gobi Partners is the most interconnected Pan-Asian venture capital firm with US$1.6 billion in assets under management (AUM). Headquartered in Kuala Lumpur and Hong Kong, the firm supports entrepreneurs from the early to growth stages and focuses on emerging and underserved markets.
Founded in 2002, Gobi has raised 17 funds to date, invested in over 380 startups and nurtured 10 unicorns. Gobi has grown to 15 locations across key markets in Bangkok, Cairo, Dhaka, Guangzhou, Ho Chi Minh City, Hong Kong, Jakarta, Karachi, Kuala Lumpur, Lahore, Manila, Shanghai, Shenzhen, Singapore and Surabaya.
As a Participant of the United Nations Global Compact, Gobi Partners is committed to aligning strategies and operations with universal principles on human rights, labour, environment and anti-corruption to ensure long-term value creation and sustainability across our portfolio. As a Participant of the United Nations Global Compact, the firm launched its second sustainability report in June 2023.
For more information about Gobi Partners, please visit https://gobi.vc
About Artem Ventures
Artem Ventures (Artem) is a venture capital firm based in Malaysia. Led by a team with diverse investment and fund management experience, Artem’s principles and approach to investing is to focus on enhancing entrepreneurs’ capacity and capabilities, leading to sustainable businesses and adaptable founders.
Artem currently manages TIM Ventures, a fund backed by FWD Group, that invests in early-stage fintech and insurtech companies. The fund has invested in 12 companies with the goal of driving financial inclusion and social security for underserved communities through digital access to financial and insurance products.
Outside of investment management activities, Artem actively engages and contributes to the venture capital ecosystem as a member of the Malaysian Venture Capital & Private Equity Association. As part of a global initiative to support high-impact and sustainable startups, Artem has also partnered with Google for their Startups for Sustainable Development programme.
To learn more about Artem Ventures, please visit http://artem.vc
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