Editor’s Note: This article has been amended to include information from SIRCLO’s press release issued a day after we wrote about the fundraising.
Indonesia’s SIRCLO, a startup that enables businesses to sell online, has secured $36 million in a funding round led by East Ventures (Growth Fund) and PT Saratoga Investama Sedaya Tbk. (Saratoga), it said in a press release.
The round saw participation from Indonesian travel unicorn Traveloka, Sinar Mas Land, among others.
The startup will use the funding to develop its technology capabilities and accelerate retail digitalisation for various businesses all across Indonesia.
“With this new funding, we plan on building our momentum as consumer spending in e-commerce has picked up during the pandemic and beyond,” said SIRCLO CEO and founder Brian Marshal in the statement.
DealStreetAsia first reported on SIRCLO’s fundraising on Thursday.
According to regulatory filings accessed by DealStreetAsia – DATA VANTAGE, Traveloka invested $5 million in the round through a Singapore-registered vehicle, Godwit Investments. Other investors in the round include Cayman Islands-registered Baltimore Investments, which committed $4.3 million, and Meranti Global Investment, which put in $1 million.
Existing investors OCBC NISP Ventura and Sinarmas-backed SMDV also joined the latest financing.
SIRCLO allotted preference shares to the Series B investors at $42.35 apiece, show the filings.
The share pricing is the same as transactions conducted by SIRCLO in April 2021 that saw the startup allot shares to SMDV and East Ventures worth $35.8 million and $9 million, respectively.
The allotment, which is understood to be a share swap, was done as part of SIRCLO’s acquisition of Indonesian parenting platform Orami, which was backed by SMDV and East Ventures.
Orami’s chief executive officer Ferry Tenka and president Hendrawan Kartika became SIRCLO’s chief marketing officer and chief financial officer, respectively, as a result of the deal. They were also allotted shares in SIRCLO as part of the transaction.
Founded in 2013 by Brian Marshal, Leontius Pradhana, and Andreas Thamrin, SIRCLO helps brands sell online through a variety of solutions, including SIRCLO Store that caters to SMEs and SIRCLO Commerce, which aids enterprise brands to enter online distribution channels.
According to its website, the company has over 1,000 employees. During the pandemic, SIRCLO recorded a five-fold increase in transactions, propelled by the shifting consumer behavior amid the COVID-19 pandemic, per its statement.
Other e-commerce enablers in the region that have recently raised funds include Vietnamese player SoBanHang, which raised $1.5 million in seed funding in August, Philippines-based Etaily, which raised $1.6 million in seed funding in August, and SCI Commerce, which closed a $65.4 million financing round in July.