East Ventures-backed Indonesian ecommerce firm Sirclo nets $45m in funding round

Indonesian ecommerce enabler Sirclo has raised US$45 million in a series B3 round led by tech-focused VC SMDV, data from VentureCap Insights show.

East Ventures also participated in the round. VentureCap pegged Sirclo’s valuation at around US$116 million.

From left: Sirclo team Leontius Pradhana (CPO), Brian Marshal (CEO), and Andreas Thamrin / Photo credit: Sirclo

An investment vehicle of SMDV, poured in a total of US$35.8 million, purchasing 845,185 shares at US$42.35 apiece. East Ventures followed up with an investment of US$9 million, representing 212,506 shares acquired at the same price per share.

East Ventures declined to comment on the matter when pressed by Tech in Asia.

According to Sirclo CEO Brian Marshal this investment was part of the acquisition deal of Orami last month.

Sirclo acquired Orami, an online parenting platform that’s also part of East Ventures’ and SMDV’s portfolio.

As part of the deal Orami CEO Ferry Tenka joined Sirclo as chief marketing officer, while Orami president Hendrawan Kartika shifted to become the ecommerce firm’s chief financial officer. Both Tenka and Kartika received 0.07% stake each in Sirclo.

Sirclo also recently said it recorded a positive net operational income as of end of 2020, reporting a combined turnover of 3.3 trillion rupiah (US$227.6 million).

The company most recently raised funding in August last year, securing US$6 million in series B funding from OCBC NISP Ventura, East Ventures, Skystar Capital, and Sinar Mas Land. It had planned to use the funds to open a new fulfillment center and strengthen its internal infrastructure.

Update (May 7, 2021 21:45pm SGT): This article was updated to include the response of Sirclo CEO Brian Marshal. 

Currency converted from Indonesian rupiah to US dollar: US$1 = 14,285.55 rupiah.