The investment amount is undisclosed. The Indonesia- and Singapore-based firm will use the funding to expand in the ASEAN region
Sirclo, a Platform-as-a-Service (PaaS) company that makes it simpler for retailers to build e-commerce stores, has secured an undisclosed amount of investment from early-stage venture capital firm East Ventures.
The Indonesia- and Singapore-based firm will use the funding to grow its business to its full potential in the ASEAN region. This is East Ventures’ first announced funding since the investment firm raised its third round recently.
Sirclo’s e-commerce platform hopes to empower businesses to have their own online shops. It provides convenience in terms of speed of set-up, as well as integrating other services and tools required by online shops, said an official statement. It also supports a robust bank transfer payment system with transfer-reminder and automated order cancellation. The company works with PayPal; other local payment methods will be supported in the near future.
The service will continue to help small and medium enterprises build websites easily with fees ranging between IDR 99,000 (US$8) to IDR 1.75 million ($148) per month. Sirclo faces competition from Shopify, Pixtem and Jarvis Store.
Moving forward, Sirclo aims at serving small to medium sized online shops who want to establish unique branding and shopping experience which might not be fulfilled by selling only at marketplace websites or social media.
East Ventures is an early-stage investment fund that offers a 100-day startup incubation programme. The venture capital firm was formed in July 2011 and focuses on web and mobile startups. Since its founding, it has invested in 20 startups in Indonesia, and also invests in startups in Singapore and Japan.