Saturdays Secured Venture Debt Funding From Genesis Alternative Ventures
SATURDAYS Expands Across Indonesia, Establishing Its Position as the Leading Eyewear Brand
New product lines, AI frame recommendation, and capital further accelerate growth
Jakarta, 10 April 2023 – Indonesian eyewear brand, SATURDAYS, continues to execute on its mission to provide access to affordable eyewear across Indonesia through tech-enabled omnichannel experiences. SATURDAYS has expanded sustainably its physical presence and will have more than 45 stores in 11 cities, including Jabodebatek, Bandung, Surabaya, Yogyakarta, Medan, Palembang, Makassar, Banjarmasin, Pontianak, Samarinda and Batam by the end of Q2 2023. The company has deepened its product offering by launching a kids’ collection and its more affordable VIBE series, starting at Rp395k (US$26). SATURDAYS also continues to provide fresh collaborations with well-regarded brands such as MARVEL, Indomie and key opinion leaders.
“Since we started SATURDAYS in 2016, our desire has always been to deliver exceptional value and customer experience to create an enduring brand. While the journey has been a roller coaster through the unprecedented COVID period, our focus remains the same; to build a sustainable business with strong fundamentals and healthy unit economics,” said SATURDAYS Co-founder Andrew Kandolha.
SATURDAYS recently opened its latest lifestyle store at one of the premier shopping destinations at Central Park Mall, Jakarta. The new store blends eyewear in a modern café that serves specialty Arabica coffee, teas and fresh baked artisan cookies from Naked Dough. Currently, SATURDAYS offer free drink for every eyewear purchase, and promo buy-1-free-1 drink for every returning customers by wearing SATURDAYS’ glasses to our stores.
“Naked Dough offers guilt-free and inclusive cookies, with less sweet options as well as gluten-free and vegan varieties. We are committed to providing a positive impact on our customers’ lives, without compromising on taste or quality,” said Naked Dough’s founder Jennifer Hermawan.
As part of its strategy to provide a seamless omnichannel experience, SATURDAYS continues to invest in technology providing convenience for customers to shop through website (www.saturdays.com), mobile app (Saturdays Lifestyle), chat, home and corporate try-on, or stores. The latest tech feature is SATURDAYS Artificial Intelligence (AI) technology, in which customers can scan their face and get customized recommendations on which frames are suitable for them, then try the frames on virtually instantly on their smartphone and finally order the pair(s) they love. SATURDAYS also provides wellness & employee benefits program for companies through cashless transaction or insurance providers. It has developed partnerships with 14 Third Party Administrator (TPA) and 23 insurances providers.
SATURDAYS recently secured venture debt funding from Genesis Alternative Ventures for an undisclosed amount to further fuel its expansion plan and solve the vision impairment problem in Indonesia. Previously, SATURDAYS received funding from local and regional venture capital firms Altara Ventures, DSG Consumer Partners, Alpha JWC, Kinesys Group and Alto Partners.
“We are excited to be partnering with SATURDAYS in their journey to digitize and democratize the eyewear industry. Under the stewardship of co-founders Andrew Kandolha and Rama Suparta, we believe SATURDAYS can become a disruptive eyewear brand who can deliver exceptional customer experience,” said Genesis’ Managing Partner, Dr Jeremy Loh.
About SATURDAYS
SATURDAYS is a tech enabled brand that offers designer quality yet affordable eyewear designed in house to fit and look great for Indonesian consumers. We provide omnichannel lifestyle shopping experiences through our app, website, home try-on and stores. We have grown to 45 stores in 11 cities across Indonesia as of April 2023.
About Naked Dough
At Naked Dough, we take great pride in creating the most delicious and high-quality cookies for our customers. Our commitment to using only the finest ingredients and refusing to take shortcuts is unwavering, ensuring that every batch of cookies is made with the utmost care and attention to detail. Our passion for creating the perfect cookie is reflected in every bite, making Naked Dough a go-to for cookie lovers everywhere.
About Genesis Alternative Ventures
Genesis Alternative Ventures is Southeast Asia’s leading private lender to venture and growth-stage companies funded by tier-one VCs. Genesis is founded by a team of venture lending pioneers who have backed some of Southeast Asia’s best loved companies. Armed with a strong reputation among entrepreneurs and investors, Genesis is a trusted partner in empowering corporate growth while minimising shareholders’ equity dilution. Genesis was founded by Ben J Benjamin, Dr Jeremy Loh, and Martin Tang in 2019.
For more information:
Mawar Kusumadewi – PR
E: mawar@ideas-strategic.com
T: +6285715193769
