SIRCLO announces US$36 million funding led by East Ventures and Saratoga
September 10, 2021
E-commerce company SIRCLO today announces its funding round worth US$36 million (approximately IDR 515 billion), which was led by East Ventures (Growth Fund) and PT Saratoga Investama Sedaya Tbk. (Saratoga), with participation from Traveloka, Sinar Mas Land, as well as other investors. The funding aims to further develop SIRCLO’s technological capabilities and accelerate the retail digitalization for various businesses all across Indonesia.
“We are grateful for the support from all of our investors, who have participated in this funding round. With this new funding, we plan on building our momentum as consumer spending in e-commerce has picked up during the pandemic and beyond. We are staying true to our mission of helping brands sell online using the omnichannel approach. Their success stories in extracting more value in our ecosystem propels our rapid growth even further as we continue to make significant upgrades to our solution offerings to future-proof the success of our clients,” said Brian Marshal, Founder and Chief Executive Officer of SIRCLO.
With the new funding, SIRCLO plans to develop its technology infrastructure and expand the services it offers to business owners. The company has developed the Software-as-a-Service platform called SIRCLO Store, to help brands sell online through multiple channels in a single access, such as websites, marketplaces, and conversation (chat) commerce. SIRCLO Store’s capabilities continue to be developed with the omnichannel approach, hence making it easier for brand owners to reach consumers from multiple online sales channels in Indonesia.
Moreover, SIRCLO expands the technology capabilities for clients by offering a dashboard that is capable of providing real-time data analytics across multiple channels. In its Online-To-Offline (O2O) initiatives, the company is developing a financing solution aimed at encouraging MSME players to be more confident in competing with larger-scale retail players.
President Director of PT Saratoga Investama Sedaya Tbk., Michael W.P. Soeryadjaya, said, “This investment is an excellent opportunity for Saratoga to strengthen our portfolio in the digital technology sector and provide a solid foothold to capitalize on Indonesia’s rapidly-growing e-commerce market, driven by favorable demographics and the rise of MSMEs.”
The e-commerce industry in Indonesia has grown in multitudes since the COVID-19 pandemic. Almost half of Indonesia’s population uses digital technology for their daily needs, which shows great potential for growth. “In line with Saratoga’s vision, through our investment in SIRCLO, we can help strengthen Indonesia’s economic recovery by developing a technological infrastructure that can launch and equip MSMEs businesses in Indonesia to succeed in today’s digital era,” added Michael.
SIRCLO took part in the country’s national economic recovery program by launching an initiative to support the digitization of MSMEs, which is called #MerdekaJualanOnline (Freedom to Sell Online). Through the program, SIRCLO provides integrated technology solutions for online store management through SIRCLO Store, as well as training modules for the use of its dashboard to MSME facilitators. Last July, Orami, the subsidiary company of SIRCLO, also launched “IbuSibuk”—a digital economic empowerment program for mothers, specifically for those who are passionate about entrepreneurship.
SIRCLO’s solution for MSMEs is similar to what Shopify is doing in the global market. Yet in addition to that, SIRCLO has been adapting to the unique landscape and challenges of e-commerce in Indonesia. SIRCLO provides end-to-end merchant enablement services, works with various marketplaces, expands to social commerce, and also caters to enterprise clients.
“SIRCLO is a classic story of a startup running a marathon. Founded in 2013, we think that SIRCLO was ahead of its time. But we have a strong conviction as to how the founding team stays true to their vision. COVID-19 crisis has made them stronger; revenue hit record high at hundreds of million dollars and the company is near profitable. We are glad to be part of their journey in the past, double down in this round and look forward to an exciting future,” said Willson Cuaca, Co-Founder and Managing Partner of East Ventures.
During the pandemic, SIRCLO recorded a fivefold increase in transactions, which was propelled by the shifting consumer behavior amid the COVID-19 pandemic. Up to this year, SIRCLO has helped more than 100,000 brands of all sizes to sell online, from individual entrepreneurs, MSMEs, to big enterprises.