Sirclo secures $10.5m in series C money from Vertex Ventures

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

Indonesia-based Sirclo, an ecommerce solutions company, has raised US$10.5 million from Vertex Ventures Southeast Asia and India, according to VentureCap Insights, which tracks regulatory filings in Singapore.

Sirclo allocated 116,176 shares priced at US$90 apiece for the fundraise, which was marked as a series C round. This pushed the company’s total raised amount to around US$100 million and gave it a post-money valuation of over US$342.8 million, according to VentureCap Insights. 

Tech in Asia has reached out to the company to learn more.

Funding details

• Funding amount: US$10,500,000
• Lead investor: Vertex Ventures
• Stage: Series C

Founded in 2013, Sirclo helps businesses set up online storefronts and offers a channel management service for brands to sell in other marketplaces. With its acquisition of Warung Pintar, the ecommerce enabler expanded its reach to providing digital products and services for small stores, called warungs in Indonesia.

The company currently serves more than 25 million customers with over 150,000 brands having used its platform.

In late 2022, the company said it axed 8% of its total workforce due to the harsh economic climate. In a statement announcing the layoffs, Sirclo said it conducted  “several internal evaluations” and “made significant changes” to keep a stable footing.

See also: Tracking layoffs across Asia’s startup ecosystem

More details