Indonesian e-commerce enabler SIRCLO has raised a Series B funding round of $6 million backed by East Ventures, OCBC NISP Ventura, Skystar Capital, Sinar Mas Land, and others.
“We allocate this injection of funds to help strengthen our internal infrastructure and to keep serving the growing number of businesses that are entering e-commerce, including clients who have trusted our services,” said SIRCLO founder and CEO Brian Marshal in an official release.
The new funding is timely for the startup as it comes at a time when Indonesia is witnessing a spike in e-commerce transactions. Amidst the COVID-19 pandemic, the Ministry of Information said that online shopping transactions have increased by up to 400 per cent.
SIRCLO Insights’ 2020 e-commerce report projected 12 million new e-commerce users only in the few months where strict social distancing measures were implemented.
“With its capabilities built prior to the outbreak of the pandemic, SIRCLO is aiding the acceleration of the digital transformation that is taking place in Indonesia. The e-commerce adoption time has been compressed – meaning that it has advanced the initial two-year trajectory,” said East Ventures co-founder and managing partner Willson Cuaca.
Founded in 2013, SIRCLO acts as a bridge between retail brands and consumers through SIRCLO commerce services. This business line facilitates the entire online sales process, from stock management, ordering, product delivery, to customer service.
It provides solutions to help businesses sell online through SIRCLO Store, a SaaS platform that helps create online shop sites for SMEs, and SIRCLO Commerce, which addresses the needs of corporate brands as they enter online distribution channels.
As of today, the company claims to have built more than 100,000 websites and helped 3,000 brands develop their businesses online.
In June, the Jakarta-based company announced a merger with e-commerce solutions startup ICUBE to combine and amplify their strengths to serve brand and business owners.
In its lines of business, SIRCLO sees market competition from Indies Capital-backed aCommerce, a Bangkok-based brand e-commerce enabler that operates in all the main markets in Southeast Asia, while Alibaba affiliated company Jet Commerce has also forayed into the e-commerce solutions space in Indonesia.