Taiwan’s funP Innovation raises $3.12m to fuel smart retail, cloud drive into Indonesia

FunP Innovation Group, a Taiwan-based digital advertising sales and advertising technology conglomerate, announced that it has secured $3.12 million in additional investments to fuel smart retail and cloud drive into the Indonesia market.

The company received the support of Ennoconn Corporation, a global leader in integrated cloud management services, industrial internet of things (IoT) and embedded technology, in the funding round.

In a statement, FunP said that it will use the recent capital injection to develop and roll out smart retail and cloud services solutions for the Indonesian market and other Asia Pacific (APAC) countries, under its business unit cacaFly and in a partnership with Ennoconn.

“Ennoconn’s capabilities in AIoT, together with our own in cloud computing and marketing technology, equals the opportunity to develop pioneering retail solutions for Indonesia and beyond,” said Brian Yang, funP group Co-Founder, and Chief Strategy Officer.

To date, the funP group has already made major inroads into the Indonesian market.

Its subsidiary cacaFly, launched in June 2022 a joint venture with leading digital solution and electronics distributors, PT Metrodata Electronics (Metrodata), Tbk to form a data-driven digital marketing agency for Indonesia, named PT cacaFly Metrodata Indonesia (CMI).

TenMax, its marketing artificial intelligence (AI) subsidiary, has also opened an Indonesian office in 2022(TMI) after successfully working with unicorn Gojek, to develop its one-stop digital advertising solution, Gojek Ads Network (GoGAN).

Their solutions are designed for Indonesia’s smart-vending machines and programmatic digital out-of-home (pDOOH) advertising.

At the 2022 G20 Summit that was held in Indonesia, President Joko Widodo expressed his intention to focus on the digital transformation of the economy through investments in technology like cloud computing and 5G.

Widodo said he also plans to develop a new capital city, Nusantara, as a green city that will harness smart technologies, renewable energy, and IoT.

CacaFly in collaboration with Ennoconn has committed to help in these initiatives.

A statement said that Ennoconn also plans to leverage cacaFly’s know-how in digital marketing and cloud computing to add value to its IOT and industrial computing offerings in verticals such as gaming, video-conferencing, smart city, smart building, and retailing.

Nelson Tsay, President of Ennoconn, said he looks forward to creating synergy through this investment partnership and generating new business models for Ennoconn’s existing hardware-focused business and ecosystem partners.

The investment will also help an ongoing drive to transform funP into a cloud services company.

In 2022, cacaFly also partnered with Google Cloud to launch Cloud AI+ Solution Center in Taiwan. This helped the local and regional enterprises accelerate their digital transformation and move from on-premise computing to cloud computing.

Moreover, Ennoconn has announced a new focus on AIoT technology deployments across global vertical markets, technology integration with ESG applications, and ESaaS software solutions.

Established in 2009, FunP Innovation Group (BVI) controls cacafly.com, a leading digital advertising sales, consulting agency and Tenmax.io, an advertising technology development.

The firm that is headquartered in Taiwan also has offices and operations in Japan, Indonesia, Malaysia and Vietnam, Hong Kong, and Singapore.

As of 2023, funP has 300 people across various entities and countries.