Sirclo Received IDR 88 Billion Funding to Strengthen Internal Infrastructure
Sirclo announced that it has won Series-B funding worth USD 6 million or around IDR 88 billion. Investors involved in this funding round are East Ventures, OCBC NISP Ventura, Skystar Capital, Sinar Mas Land, and others.
“We are very grateful to the investors who have participated in Series-B funding. We [will] use this cash injection to help strengthen our internal infrastructure to remain stable in accommodating the growing number of business players entering eCommerce, including clients who already trust us,” said Brian Marshal, CEO and Founder of Sirclo in a written statement.
Through this funding, said Brian, the eCommerce enabler company is also working to improve the services and features of the Sirclo Store. It is hoped that Sirclo Store can become an integrated platform for all digital platforms that Sirclo offers in various sales channels, such as brand.com, marketplace, and chat commerce.
Brian calls this Series-B funding taking place at an opportune moment. As an eCommerce enabler company, according to Brian, Sirclo is in the strategic business sector to achieve more rapid growth.
Investors Support Sirclo’s Mission
The Sirclo Insights 2020 eCommerce report estimates there have been 12 million new eCommerce users since the pandemic and 40 percent of them said they will continue to rely on eCommerce even after the pandemic is over.
Brands that have been relying on traditional sales channels have been encouraged to enter online platforms in order to better reach consumers. Therefore, as a specialist company that regulates the online sales channels for brands, Sirclo is the right solution and is expected to improve business performance amid the pandemic.
“Sirclo is at the right time and position in this pandemic. With the capabilities built before the pandemic, Sirclo is helping to accelerate the digital transformation that is taking place in this country,” said Willson Cuaca, Co-founder and Managing Partner at East Ventures.
Meanwhile, Darryl Ratulangi, Managing Director of OCBC NISP Ventura said that funding in Sirclo aims to support the company’s mission in helping business owners in Indonesia enter the digital market and support the development of eCommerce.
“Businesses of all sizes often lack the skills needed to transition from offline to online. By collaborating with Sirclo they are able to get the support they need to create websites, manage multiple marketplace platforms, and manage the logistics aspects, so business owners can focus fully on strengthening their brand image,” said Darryl.
Previously Merged with Icube
In early June, Sirclo merged with Icube, an eCommerce technology solutions provider agency that serves retail businesses. The merge combines thousands of clients of various business scales and aims to unite the strengths of both to help more MSMEs and large-scale brands (brands) that require an effective and efficient digital transformation in the eCommerce space.
The role of eCommerce is increasingly important and relevant, especially in the midst of the Covid19 pandemic. Since the last few months, more businesses and consumers have relied on online platforms such as eCommerce for their buying and selling.
Therefore, in times like these, the presence of a reliable and integrated eCommerce technology and a solution is important as it can be the key for business owners and brands who rely on online sales.
Seeing this phenomenon, Sirclo highlighted the acceleration of business growth is important to help more MSMEs and brands to survive amid the pandemic. Sirclo’s CEO and Founder, Brian Marshal, and Icube’s Founder and Managing Director, Muliadi Jeo, have known each other for a long time.
As an effort to improve business capabilities and develop the eCommerce ecosystem in Indonesia, Brian proposed a merger action so that the two companies can complement each other and become strategic partners to reach a wider market, with eCommerce services increasingly integrated.