According to a trusted source, SIRCLO, an e-commerce enabler startup is reportedly to have secured an estimated $45 million in Series B3 funding led by SMDV. East Ventures is one of the earliest investors participated in this round.
DailySocial asked confirmation from Sirclo team and received no response. We also tried to contact the Co-Founder and Managing Partner of East Ventures Willson Cuaca, he said that the information was actually part of Sirclo’s acquisition of Orami. “Let’s say it’s a part of the acquisition process,” he said, Wednesday (5/19).
Referring to Willson’s statement, in the acquisition process, investors from Orami made a top up. East Ventures also joined the top up for SIRCLO. EV is actually an SIRCLO’s early investor.
SMDV first invested in Orami in 2016, when Orami used to be a new brand entity after the merger between Bilna and Moxy. Then, Orami secured $15 million in funding from ranks of investors, including Gobi Partners, Ardent Capital, Velos Partners, and Co-Founder Founder Eduardo Saverin.
SIRCLO has announced Series B funding worth $6 million on Agustuts 2020. Investors participated in this round are EV, OCBC NISP Ventura, Skystar Capital, and Sinar Mas Land.
The acquisition of Orami by SIRCLO was announced in early April 2021. The objective is none other than to develop the strengths of the two companies’ businesses in providing end-to-end digital services to principal brands. In total, both companies have served more than 100 thousand brands from the MSME scale to corporations that reach millions of consumers.
Post-acquisition, Orami will continue to operate as an independent entity integrated with the SIRCLO service. Ferry Tenka (Orami’s CEO) currently serves as SIRCLO’s Chief Marketing Officer and Hendrawan Kartika (Orami’s President) as SIRCLO’s Chief Financial Officer.
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Original article is in Indonesian, translated by Kristin Siagian
