Manuva raises US$8M from Tin Men Capital and other investors

SINGAPORE, 11 SEP  – Tin Men Capital, a Singapore-based venture capital firm which focuses on Southeast Asian B2B tech startups has invested US$3M in the total US$8M financing raised by Manuva, an Indonesian managed marketplace that helps consumer brands and other trade buyers procure packaging from SME manufacturers with greater efficiency, scale and quality control. Manuva also provides modern digitisation tools that enable players in their ecosystem to dramatically improve their logistics, procurement, inventory and sales processes.

Tin Men Capital is helmed by Co-Founders, Jeremy Tan and Murli Ravi and Manuva is the second investment from Fund II which first closed in Q3 of 2022. Jeremy Tan is a veteran investor and has previously held senior executive roles at global multinational corporations such as the Trafigura Group, Thomas H Lee Partners, Morgan Stanley and Puma Energy. Murli Ravi held investment roles at Temasek Holdings and JAFCO Asia and currently  holds the Honorary role of Entrepreneur-in-Residence at INSEAD guiding MBA and Executive MBA students, and has previously taught entrepreneurship to undergraduates at NUS Business School.

As such, beyond capital investment, Tin Men Capital has been working together with Manuva to provide strategic advisory and creating opportunities to support Manuva’s growth and expansion. 

“We are honoured and proud to have the opportunity to have Tin Men Capital on our team as we strive to develop more B2B solutions for the packaging manufacturing supply chain and grow the company further.” commented Anggara Pranaspati, Founder of Manuva. 

Manuva (formerly known as Tjetak) was established in 2018 by Co-Founders; Anggara Pranaspati, Raffisal Damanhuri, and Hasandi Patriawan. The name Manuva is derived from the word ‘manufacture’ and Manuva strives to provide effective and efficient solutions for the booming manufacturing industry in Indonesia, which contributes to more than 20% of the country’s GDP. 

"Tin Men Capital is proud to announce our investment into Manuva. Over the past few years, Manuva has demonstrated substantial growth while achieving sound unit economics, which is a mindset that both our teams share. Moreover, bringing efficiency to the vast packaging industry means that Manuva contributes to substantial reductions in wastage across the value chain. Throughout our interactions, Anggara and his founding team have displayed their keen intellects, openness and adaptability, and we look forward to continuing our close partnership” added Murli Ravi, Co-Founder.

With the new funds from Tin Men Capital and other investors, Manuva seeks to expand their business by developing new product categories including biodegradable packaging while also planning to open up new categories such as the semi-branded goods vertical in the near future and offer a more complete range of digital products for manufacturers to increase their capacity utilisation. They are also targeting a distribution expansion strategy to the islands of Java, Bali, Sumatra and a number of big cities across Indonesia.

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