Indonesia’s SIRCLO raises up to $5m from Sinar Mas Land, East Ventures, others

Photo by Andrew Neel on Unsplash

Indonesia-based technology startup SIRCLO, which helps small and medium enterprises build their own e-commerce websites, has raised up to $5 million in its Series A round of funding, DEALSTREETASIA has learnt.

The round was backed by Indonesia-based venture capital firms Skystar Capital, East Ventures and Sinarmas Land. BEENOS Plaza, the investment vehicle of Japan’s BEENOS in Indonesia, is learnt to have also contributed to the financing.

In an emailed response to a DEALSTREETASIA query, SIRCLO founder and CEO Brian Marshal said, “We closed a seven-digit fresh investment in late 2018 from existing as well as new investors. We have been using the fresh investment to further grow our relatively new line of business, SIRCLO Commerce (e.g. building a back-end technology aggregating multiple channels/marketplaces, expanding operations/capabilities such as content production, customer service, and order fulfillment).”

SIRCLO was founded by Marshal, Aditya Goenawan, and Fajar Firdaus in September 2013. It had raised an undisclosed amount in seed funding from East Ventures in 2014.

The company’s main offerings include a subscription-based online store builder platform similar to Shopify/Weebly targeting small and medium brands. For big/enterprise brands, it offers channel management services including merchandising, production, marketing, order processing and fulfilment. Premium services include strategic consulting and UX/UI design.

SIRCLO claims that it facilitated e-commerce transactions worth a total of IDR 500 billion ($35 million) in 2018. “We are targeting to hit $100 million [in GMV] as soon as possible and then [target] 1 per cent of Indonesia’s e-commerce market soon afterwards,” Marshal said.

It currently caters to 1,000 small and medium brands, and another 30 big brands, including Reckitt Benckiser, Arnott’s Biscuits, Stanley Black & Decker and Levi’s.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.