Kohlberg Kravis Roberts, also known as KKR, the global investment firm, said that it would participate as the lead investor for the Indonesian-based digital trust provider company, Privy.
The Series C funding round, which will be led by KKR, is set to inject the digital trust provider with $48 million in fresh funding. The funding round, besides participation by KKR, will also see participation from investors such as MDI Ventures, GGV Capital, Telkomsel Mitra Inovasi, and new investors that include Singtel Innov8.
Privy enables users and enterprises to digitally sign and transfer documents online with an integrated audit trail by using electronic identity verification technology that works across platforms.
The startup’s success is apparent with more than 30 million verified users and 1,800 enterprise consumers on its digital signature, digital verification, and subscription products, and it processes more than 40 million digital signatures per year.
The funding will be used to build on Privy’s leading market position as the go-to digital signature and digital identity provider in Indonesia, as well as support the development of new products and services for consumers and businesses to go digital. There are also plans to expand to overseas markets with the new funding round.
This round of funding comes after Privy raised $17.5 million in a Series B funding round led by GGV Capital in October last year. The round also saw the participation of Endeavour Catalyst, Buana Sejahtera Group, and existing investors MDI Ventures, Telkomsel Mitra Inovasi, Mandiri Capital, and Gunung Sewu Group.
According to Louis Casey, KKR’s growth technology lead in Southeast Asia, “we look to leverage KKR’s global network and operational expertise to take Privy to its next level of growth and extend its leadership in digital trust for individuals and enterprises in Indonesia and beyond.”
The investment in Privy comes after KKR’s other recent growth technology investments in the broader Asia-Pacific region, including Education Perfect, an education software platform in New Zealand; dataX (formerly from Scratch), internet software and services company in Japan; NetStars, the operator of Japan’s largest QR code payment gateway; and Livspace, a Direct-to-Consumer home renovation platform with a presence in India and Singapore.