Indonesian industrial marketplace raises $4m from Go-Ventures, others

Indonesian construction-focused platform Juragan Material raised US$4 million in a seed round led by Go-Ventures and joined by Susquehanna International Group.

Juragan Material co-founders (clockwise from top) Meichael Surja, Graceila Putri, Tito Putra, and Ricky Fernando / Photo credit: Juragan Material

Founded in 2021, Juragan operates a B2B marketplace for sourcing building materials from suppliers. It currently has over 9,000 stock-keeping units and more than 180 brands covering structural, architectural, mechanical, and electrical products.

The company said that on average, it has doubled its gross merchandise value every month, all while maintaining positive unit economics.

The Indonesian startup looks to strengthen its market penetration efforts and bolster the capabilities of its product ecosystem. It will also grow its team by hiring key roles in product, engineering, sales, and operations.

Tito Putra, the company’s CEO and co-founder, said Juragan aims to address the frustration faced by contractors and suppliers in procuring materials and managing projects effectively.

Arum Putri, Go-Ventures vice president, added that Indonesia’s construction sector – which she said is a US$72 billion market, citing the Central Bureau of Statistics – has a supply chain that is highly fragmented, which results in unpredictable demand and supply.

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