Singapore-headquartered e-commerce site builder Plugo announced that it raised $9 million in Series A funding ahead of its planned public launch in 2023.
The round was led by Altos Ventures, along with strong support from BonAngels Venture Partners, Access Ventures, Mahanusa Capital, Prodigy Investment, and Pearl Abyss Capital.
Plugo’s intuitive design feature enables users to launch their customized online store websites in minutes, with no technical knowledge required.
Proceeds from this round will be used for future product developments and hiring across new divisions as Plugo expands operations.
Led by Kyungmin Bang, Founder and CEO, Plugo empowers anyone who wants to start an online business. The platform gives its users greater control, a stronger brand identity, and more scalable pricing over their businesses.
“We are thrilled to announce this fresh funding round, which demonstrates investors’ confidence in our business,” said Kyungmin.
Indonesia’s e-commerce landscape was one of the world’s fastest-growing markets, even during the pandemic-induced economic downturn. Its digital economy is worth approximately $77 billion this year, according to a report by Google, Temasek, and Bain & Company. The sector, driven primarily by e-commerce, is on track to become a $130 billion digital market by 2025.
“Not only is it a huge and significant number, but there are endless opportunities. Moreover, local businesses have accelerated their adoption of digital technology due to innovation in the e-commerce ecosystem and dynamic changes in consumer behavior,” Kyungmin added.
For years, the e-commerce ecosystem was such that establishing stores was challenging, and selling was even more so. These factors created an environment where size, experience, and the need for deep pockets discouraged the majority of new merchants.
In addition, existing merchants are concerned about their ability to build a brand for their business in the long run. This is more important than ever in today’s highly saturated market, where new businesses are popping up just about anywhere.
“Our platform is designed to remove those hurdles—we want to democratize e-commerce and make it easier for our merchants to reach for independence,” said Kyungmin.