SIRCLO Announces US$36 Million Funding Led By East Ventures and Saratoga - Saratoga ...

PRESS RELEASE
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        SIRCLO Announces US$36 Million Funding
           Led By East Ventures and Saratoga

   ●   SIRCLO received funding worth US$36 Million led by East Ventures and Saratoga
       with participation from Traveloka and other investors.
   ●   SIRCLO is positively accelerated throughout the pandemic, gained momentum to
       improve unit economics, and is on its way to profitability.

Jakarta, 10 September 2021 — E-commerce company SIRCLO today announces its
funding round worth US$36 million (approximately IDR 515 billion), which was led by East
Ventures (Growth Fund) and PT Saratoga Investama Sedaya Tbk. (Saratoga), with
participation from Traveloka, Sinar Mas Land, as well as other investors. The funding aims to
further develop SIRCLO’s technological capabilities and accelerate the retail digitalization for
various businesses all across Indonesia.

“We are grateful for the support from all of our investors, who have participated in this
funding round. With this new funding, we plan on building our momentum as consumer
spending in e-commerce has picked up during the pandemic and beyond. We are staying
true to our mission of helping brands sell online using the omnichannel approach. Their
success stories in extracting more value in our ecosystem propels our rapid growth even
further as we continue to make significant upgrades to our solution offerings to future-proof
the success of our clients," said Brian Marshal, Founder and Chief Executive Officer of
SIRCLO.

With the new funding, SIRCLO plans to develop its technology infrastructure and expand the
services   it   offers   to   business   owners.   The    company     has    developed    the
Software-as-a-Service platform called SIRCLO Store, to help brands sell online through
multiple channels in a single access, such as websites, marketplaces, and conversation
(chat) commerce. SIRCLO Store’s capabilities continue to be developed with the
omnichannel approach, hence making it easier for brand owners to reach consumers from
multiple online sales channels in Indonesia.

Moreover, SIRCLO expands the technology capabilities for clients by offering a dashboard
that is capable of providing real-time data analytics across multiple channels. In its
Online-To-Offline (O2O) initiatives, the company is developing a financing solution aimed at
encouraging MSME players to be more confident in competing with larger-scale retail
players.

President Director of PT Saratoga Investama Sedaya Tbk., Michael W.P. Soeryadjaya,
said, “This investment is an excellent opportunity for Saratoga to strengthen our portfolio in
the digital technology sector and provide a solid foothold to capitalize on Indonesia's
rapidly-growing e-commerce market, driven by favorable demographics and the rise of
MSMEs.”

The e-commerce industry in Indonesia has grown in multitudes since the COVID-19
pandemic. Almost half of Indonesia's population uses digital technology for their daily needs,
which shows great potential for growth. "In line with Saratoga's vision, through our
investment in SIRCLO, we can help strengthen Indonesia's economic recovery by
developing a technological infrastructure that can launch and equip MSMEs businesses in
Indonesia to succeed in today's digital era," added Michael.

SIRCLO took part in the country's national economic recovery program by launching an
initiative to support the digitization of MSMEs, which is called #MerdekaJualanOnline
(Freedom to Sell Online). Through the program, SIRCLO provides integrated technology
solutions for online store management through SIRCLO Store, as well as training modules
for the use of its dashboard to MSME facilitators. Last July, Orami, the subsidiary company
of SIRCLO, also launched “IbuSibuk”—a digital economic empowerment program for
mothers, specifically for those who are passionate about entrepreneurship.

SIRCLO’s solution for MSMEs is similar to what Shopify is doing in the global market. Yet in
addition to that, SIRCLO has been adapting to the unique landscape and challenges of
e-commerce in Indonesia. SIRCLO provides end-to-end merchant enablement services,
works with various marketplaces, expands to social commerce, and also caters to enterprise
clients.

“SIRCLO is a classic story of a startup running a marathon. Founded in 2013, we think that
SIRCLO was ahead of its time. But we have a strong conviction as to how the founding team
stays true to their vision. COVID-19 crisis has made them stronger; revenue hit record high
at hundreds of million dollars and the company is near profitable. We are glad to be part of
their journey in the past, double down in this round and look forward to an exciting future,”
said Willson Cuaca, Co-Founder and Managing Partner of East Ventures.

During the pandemic, SIRCLO recorded a fivefold increase in transactions, which was
propelled by the shifting consumer behavior amid the COVID-19 pandemic. Up to this year,
SIRCLO has helped more than 100,000 brands of all sizes to sell online, from individual
entrepreneurs, MSMEs, to big enterprises.

                                                ***

About SIRCLO

Founded in 2013, SIRCLO is a leading e-commerce solution company in Indonesia that helps
businesses sell online. SIRCLO offers solutions that are divided into 2 main categories; the
entrepreneur and enterprise solutions. In the entrepreneur category, SIRCLO offers SIRCLO Store, an
online store dashboard for SMEs to sell across 3 various platforms (website, marketplace, chat
commerce) and IbuSibuk, a solution empowering communities of mothers as KOL, micro-influencers
and resellers. In the enterprise category, SIRCLO offers e-commerce enabler services through
SIRCLO Commerce, a solution for omnichannel technology development through ICUBE by SIRCLO,
a B2B2C platform selling Mom & Baby products through Sooplai, and Orami, a parenting platform that
combines Commerce, Content & Community within one ecosystem.

Today, SIRCLO has served more than 100.000 brands to grow their business online. SIRCLO’s
solution has been trusted by local brands entailing ATS The Label, Evete Naturals, Namaste Organic,
This Is April and Heytimmy Kidswear, as well as trusted by multinational brands such as Unilever,
Reckitt, KAO, L'Oréal, and Levi's. Located at the Green Office Park 1, The Breeze (BSD - Serpong),
the company has 1.000 employees and representatives based in Jakarta, Bekasi, Bandung,
Yogyakarta and Surabaya.

For more details about SIRCLO, visit www.sirclo.com.

Contact:
SIRCLO
Rini Hapsoro
Communications Manager
M: +62 878 757 710 80
E: rini@sirclo.com