Conglomerate Sinar Mas has invested $35.8m to lead a $45m series B3 round for Indonesia-based e-commerce software producer Sirclo through corporate venturing unit SMDV, Tech in Asia has reported.
Venture capital firm East Ventures provided $9m through the round, which valued the company at approximately $116m according to VentureCap. The cash was raised last month in connection with Sirclo’s acquisition of online parenting platform operator Orami, CEO Brian Marshal told Tech in Asia.
Founded in 2013, Sirclo has developed a software platform used by retailers to facilitate their online shopping capabilities. It recorded almost $228m in revenue in 2020, according to Tech in Asia.
The company had raised $6m in an August 2020 series B round featuring OCBC NISP Ventura, the VC arm of financial services firm Bank OCBC NISP, as well as Sinar Mas’s property development subsidiary, Sinar Mas Land, Skystar Capital and East Ventures.
Sirclo had previously closed up to $5m of series A funding from Sinar Mas Land, existing investor East Ventures, Skystar Capital and Beenos Plaza (on behalf of e-commerce company Beenos) in early 2019.