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Bibit.id, a digital investment app in Indonesia, has announced that it has raised US$ 65 million in a funding round led by Sequoia Capital India. The round was joined by Prosus Ventures, Tencent and Harvard Management Company while existing investors including AC Ventures and East Ventures also participated. Bibit said that the funds raised will be used for the launch of new products, tech development, acquire talents, and invest heavily to increase financial education and awareness to further build its platform. Launched in early 2019, Bibit is a mutual fund robo-advisory that enables investors to build portfolios according to their risk profiles and investment goals in a simple and optimal way. Bibit’s demographic is made up of 90% millennials and first-time investors. ....
Bibit raises another growth round led by Sequoia Capital India, this time for $65M Four months after leading a $30 million growth round in Bibit, Sequoia Capital India has doubled down on its investment in the Indonesian robo-advisor app. Bibit announced today that the firm led a new $65 million growth round that also included participation from Prosus Ventures, Tencent, Harvard Management Company and returning investors AC Ventures and East Ventures. This brings Bibit’s total funding to $110 million, including a Series A announced in May 2019. Its latest round will be used on developing and launching new products, hiring and increasing Bibit’s financial education services. ....