Indonesian e-commerce startup SIRCLO bags $36m from East Ventures, Saratoga

SIRCLO, an Indonesian e-commerce startup that helps businesses sell online, announced raising $36 million in a funding round co-led by East Ventures and Saratoga Investama Sedaya (Saratoga).

Traveloka, Sinar Mas Land, and other investors also participated in the funding round that will be used to develop SIRCLO’s technological capabilities and accelerate the retail digitalisation of various Indonesian businesses.

The company was founded in 2013 to help businesses sell online. It offers solutions that are divided into two main categories: the entrepreneur and enterprise solutions. Today, SIRCLO said it has served more than 100.000 brands to grow their business online.

“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,” 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.

SIRCLO’s solution for MSMEs is similar to what Shopify is doing in the global market. Yet in addition to that, the company has been adapting to the unique landscape and challenges of e-commerce in Indonesia. It provides end-to-end merchant enablement services, works with various marketplaces, expands to social commerce, and also caters to enterprise clients.

During the pandemic, the company said it 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.