Indonesian construction tech platform raises US$4m in seed funding led by Go-Ventures

INDONESIAN construction technology platform Juragan Material has raised US$4 million in seed funding led by Go-Ventures, the venture capital firm backed by GoTo.

Global trading firm Susquehanna International Group also participated in this round.

In a press statement on Monday (Jul 4), Juragan Material said it intends to use the fresh funding to expand its team by “hiring aggressively” for key roles in product, engineering, sales and operations.

The company also intends to strengthen its market penetration of its business-to-business (B2B) construction and building material marketplace, which provides contractors and project owners procurement solutions for sourcing building materials.

Juragan Material’s platform offerings include building material products, live stock availability and integrated logistics. 

“This new funding will allow us to scale our impact through continuing to improve our platform and launch more innovative tech solutions, such as workflow management tools and services to drive greater efficiencies and transparency to support the productivity of our stakeholders,” said the company’s co-founder and chief executive, Tito Putra.

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The startup said it has been doubling its average gross merchandise value every month over the past year since it was founded in 2021, while maintaining positive unit economics.