Ejen2u International Sdn Bhd (Ejen2u), an agent management platform, announced that it secured RM7 million in capital from venture capital firms Gobi Partners and Artem Ventures as investors.
Ejen2u founder and chief executive officer Sheik Ezaiddin said the investment, as part of the Future Malaysia Programme, will help accelerate Ejen2u’s future plans and upgrades to enhance digital solutions for Malaysian Micro, Small and Medium Enterprises (MSMEs).
This, he added, includes diversifying their customer base, a hopeful expansion into the Indonesian market and an extension into a broader range of industries.
“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,” he said in a statement today.
The investment is secured in Pre-Series A funding from GDIV, which is backed by Khazanah Nasional Bhd (Khazanah), as part of the Future Malaysia Programme.
Sheikh Ezaiddin said 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.”
He added Ejen2u aims to be the spearhead of reseller solutions in the Malaysian market and empower aspiring merchants and to further expand its product catalogue to different segments of the direct-to-consumer industry.
Among its offerings are Jooal (dropshipping clients platform) and online storefront and affiliate platform for agents
MSMEs constitute a staggering 98.5% of all enterprises within the country and provide employment to nearly 70% of the nation’s workforce, according to data from Malaysia’s Department of Statistics.
Last year, 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%, indicating its growing significance.
Investor GDIV 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, 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.”
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.