Indonesia-based rental marketplace Cumi has raised an undisclosed amount of seed funding from East Ventures to speed up its growth in the country.
First launched in May 2018, Cumi’s platform aggregates vendors from 12 categories, including automotive, fashion, pocket wifi, cameras, toys, books, and gadgets, among others.
The company requires merchants to pass identity checks using phone numbers, bank account information, and ID cards as part of its selection process.
“The trend of sharing economy has long shifted the behavior of the generation today. Now enforced with the influence of social media and access to information, we witness a fast-growing demand from millennials today to publish themselves even more and have as many experiences as they could while keeping them on budget,” said Cumi co-founder and CEO Christian Sugiono.
Cumi stands for cuma minjem, or “just renting” in the Indonesian colloquial language. With the fresh funds, the company aims to expand its user base, acquire more talent, and extend its footprint in Indonesia.
Pandu Wirawan, the startup’s co-founder and chief operations officer, said that Cumi aims to become the top destination for all rental items not just in Indonesia, but also in all of Southeast Asia.
The startup said it has positioned itself as a contender in Indonesia’s burgeoning sharing economy, which is projected to grow to USD 335 billion in 2025 from USD 15 billion in 2014.
Cumi claims to have 5,000 users and 500 verified vendors from various locations across the Jakarta Metropolitan Area, Surabaya, and Bali.
This article first appeared on Tech in Asia.