Sirclo Officially Announces 512 Billion Rupiah Additional Funding
This round was led by East Ventures and Saratoga with the participation of Traveloka
After news circulated about an additional funding round, Sirclo today (10/9) officially announced the $36 million additional funding or equivalent to 512 billion Rupiah led by East Ventures and Saratoga. Another investor participated in this round is Traveloka.
In the official release, it is said that this funding will be used to develop the technological capabilities offered and to accelerate retail digitalization for various businesses in Indonesia. During the pandemic, the company claimed to gain momentum to improve its economic unit and was already at the profitability stage.
"With this funding, we plan to use the momentum of high consumer interest in shopping on e-commerce channels during the pandemic and beyond. Sirclo continues to adhere to its mission helping brands sell online through an omnichannel approach," Sirclo's Founder & CEO, Brian Marshal said.
Previously, this e-commerce enabler platform had developed the Sirclo Store SaaS solution with an omnichannel approach aimed at helping brands sell online through various channels at once, such as websites, marketplaces, and chat-based sales (chat commerce).
In addition, in a series of Online-to-Offline (O2O) initiatives, the platform which recently launched the #MerdekaJualanOnline program for the country's national economic recovery program is also developing financial solutions aimed at supporting MSME players to compete with larger-scale retail players.
East Ventures' Co-Founder & Managing Partner, Wilson Cuaca considered Sirclo as a classic example of a startup running a marathon. As an investor, East Ventures thought that Sirclo was a bit ahead of market-timing when it was founded in 2013. However, the founder's consistent vision from the beginning has allowed Sirclo to survive and grow over the years.
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