Privy (formerly PrivyID,), an Indonesia-based digital trust provider, announced the signing of definitive agreements under which KKR will participate as the lead investor in the $48 million Series C funding.
Other participants are existing investors MDI Ventures, GGV Capital, Telkomsel Mitra Inovasi (TMI), and new investors, including Singtel Innov8.
The investment will help Privy strengthen its leading position as a digital signature and digital identity provider in Indonesia, support the development of new consumer and enterprise products to enable Indonesians and businesses to access a wider range of services securely, and accelerate a broader digital transformation.
Marshall Pribadi, CEO and co-founder of Privy, said, “We are thrilled to welcome KKR as among our new investors. Their participation in this latest fundraise, alongside the continued support by our existing investors, is a testament to the progress we have made over the course of Privy’s journey, and the conviction in our long-term vision of building digital trust through our platform and the potential of Indonesia’s digital transformation. With their support and global experience, combined with the support of our existing investor MDI Ventures, GGV Capital, and TMI, who have played an important role in helping us to achieve our success so far, Privy is well-placed to innovate further with new offerings and stronger capabilities and build a strong foundation for overseas expansion.”
This latest investment in Privy builds on the strong commitment by the Indonesian government to accelerate the digital transformation of the world’s fourth largest population1 through four strategic sectors – namely digital infrastructure, digital governance, digital economy, and digital citizenship – and contribute to the development of the digital community in Southeast Asia.
Company: PT Privy Digital Identity
Round: Series C
Funding Month: November 2022
Lead Investors: KKR
Additional Investors: MDI Ventures, GGV Capital, Telkomsel Mitra Inovasi, and Singtel Innov8
Company Website: https://privy.id/
Software Category: Digital Trust Platform
About the Company: Founded in 2016, Privy is a leading digital trust platform in Indonesia that provides trusted digital identities and legally binding digital signatures. The company offers a wide range of services, including digital identity, digital signature, digital verification, and document management products and services in a wide range of sectors, including financial services, healthcare, and education. In 2018, Privy became the first non-government institution to be licensed as a Certificate Authority (CA) by Indonesia’s Ministry of Communication and Information Technology4 and, in 2019, the first electronic Know-Your-Customer service provider to be registered under Indonesia’s Financial Services Authority.5 Today, Privy is the market leader with more than 30 million verified users and 1,800 enterprise consumers on its digital signature, digital verification, and subscription products, and processes more than 40 million digital signatures per year.