Hukumonline, a legal regulatory technology (regtech) startup headquartered in the Indonesian capital of Jakarta, recently announced that it has successfully completed its continued Series A funding round process from Media Development Investment Fund (MDIF), which made the undisclosed investment in the Indonesian startup through its Emerging Media Opportunity Fund I (EMOF), a private equity impact fund that was launched by the Media Development Investment Fund for the purpose of providing capital to independent media startups and companies to promote high quality independent information and news. According to Mohamed Nanabhay, deputy chief executive officer at Media Development Investment Fund, the not-for-profit investment fund for independent media is satisfied that it has completed its continued Series A funding process at the legal regtech startup. MDIF, through its private equity fund EMOF, had initially invested in Hukumonline’s Series A funding round in December 2017.
The Series A funding will enable the regtech startup to extend its reach to even more customers across Indonesia, as well as for innovating and developing new services and products geared towards addressing the needs of their customers. The new funds will also be used to refine and enhance the startup’s existing range of products and services as the regtech company scales its business. Additionally, the funds from its completed Series A funding will be used to further upgrade its technology in order to provide a better overall user experience for customers, such as improving search functions and broadening the extent of its existing news coverage.
Arkka Dhiratara, director at Hukumonline, said that the legal-focused startup has expanded quite swiftly over the past few years, and as such the latest continued investment from Media Development Investment Fund through EMOF is a clear belief by the organization in the potential of the regtech company to grow even further and impact the legal news and regulatory space. Hukumonline provides a variety of services and products including online publication, event training through discussions and seminars, a comprehensive data center that encompasses court decisions and regulatory documents, and a premium content service in the form of translational regulations and legal analysis for legal research.
Mohamed Nanabhay elaborated on MDIF’s continued Series A investment in Hukumonline by saying that the legal news startup has cultivated an identity as one of Indonesia’s most sought-after sources for accurate and trustworthy legal analysis and information. The company is constantly creating and innovating highly valued services and products that are held in high esteem by both the general populace and legal circles in the country. The continued investment by MDIF in Hukumonline will enable it to further expand its reach and develop new services and products to complement its existing range of stellar offerings such as its Hukumonline Pro and Exdoma, a software that comes with a dashboard and notification feature that enables users to search, store and manage documents electronically.
Echoing Arkka Dhiratara, Mohamed Nanabhay explained that the continued investment by MDIF in Hukumonline, the legal regtech startup, is a direct consequence of the legal analysis and regulatory data provider’s stellar performance thus far. Moving forward, Hukumonline will leverage on MDIF’s continued funding to develop and innovate new products and services as well as to expand its customer base in order to continue its dedicated work as one of Indonesia’s most trusted sources for legal analysis and information.